HSBC sets up GBA office and appoints Daniel Chan as Head of GBA

By Edil Corneille

HSBC is establishing a GBA Office to spearhead its strategic development in the Guangdong-Hong Kong-Macao Greater Bay Area. Daniel Chan will lead the unit and is appointed Head of Greater Bay Area, effective March 2021. Chan is currently Head of Business Banking, Commercial Banking, Hong Kong, HSBC. The bank will leverage the complementary advantages of its franchise in the three jurisdictions to service customers’ banking needs in the GBA, which is a key focus of the bank’s Asia growth strategy.

Setting up in Guangdong, the new unit will oversee all strategy-related activities and will act as the focal point of contact to enhance internal alignment in the bank’s participation in GBA initiatives. As Head of GBA, Chan will be responsible for deepening collaboration with internal and external stakeholders as well as driving the business forward at pace. He will report to Diana Cesar, Chief Executive, Hong Kong, HSBC, functionally and Mark Wang, President and Chief Executive, HSBC China on an entity basis.

Diana Cesar said, “GBA is a vibrant city cluster, which is experiencing a significant increase in demand for internationally competitive banking services. It is an area of strategic priority for HSBC, and we are investing in our digital infrastructure, cross-boundary product capabilities and talent pools. With Daniel’s extensive banking experience, we hope to better connect people and businesses to nearby cities and markets abroad so that we build a more prosperous GBA.”

Mark Wang said, “Guangdong has always been at the forefront of China’s opening up and economic transformation. Forward-looking policy developments announced in recent years will further promote economic connectivity in many different ways. I look forward to working with Daniel and the GBA Office as we mobilise HSBC’s expertise and resources in the region to support cross-border trade and investment flows.”

Chan is an HSBC veteran with more than 30 years’ experience, with the most recent 15 years holding senior commercial banking positions in Hong Kong and Singapore. Under his leadership, HSBC Business Banking has achieved multiple firsts in the market including digital and innovation solutions to enhance customer experience and brand profile.

HSBC is said to be the largest foreign bank in mainland China with a presence in all 21 prefecture level cities in Guangdong, a dominant position in Hong Kong and an international footprint. The establishment of HSBC Qianhai Securities, the expansion of its insurance, personal banking and wealth management services in the Pearl River Delta have further enhanced the bank’s positioning in mainland China ahead of the launch of the Wealth Management Connect.

Talent development is said to be an important element of HSBC’s GBA strategy. In January, the Bank announced a plan to hire 100 Hong Kong graduates interested in attaining work experience in the GBA under the Hong Kong SAR’s Greater Bay Area Youth Employment Scheme. In addition, HSBC has introduced a Greater Bay Area (Hong Kong) Scholarship. This scholarship will support 100 Hong Kong undergraduate students with career aspirations of working in the GBA in the next three academic years.