PRESS: HSBC insurance chief leaves after 20 years at bank - FT
The chief executive of the insurance arm of HSBC Holdings PLC has left the company, amid a restructuring of the business globally by HSBC and uncertainties for the insurance market in Hong Kong, the Financial Times reported on Wednesday.
Edward Moncreiffe has left after 20 years with the London-based, Asia-focused bank and 2 years in his current role, the newspaper reported, citing "a person familiar with the matter". It said HSBC declined to comment.
HSBC is in the midst of trimming its insurance portfolio globally, having sold businesses in Singapore and the UK, but insurance remains a significant business for the bank in Hong Kong and mainland China, as it drives to build its wealth management business there, the FT said.
Moncreiffe's departure also comes amid reports of a possible tax crackdown by Beijing on insurance policies sold in Hong Kong to mainland Chinese savers, the newspaper said.
HSBC shares were up 0.1% to 1,525.20 pence in London early Wednesday and have risen 60% over the past 12 months.
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