(Corrects Asia’s business share in last paragraph)
HONG KONG, Feb 20 (Reuters) - HSBC Holdings PLC has named Kevin Martin, its head of Asia Pacific retail banking and wealth management unit, as the chief operating officer of the newly created global wealth and personal banking business.
HSBC said on Tuesday it would merge its private banking and retail wealth businesses to create a new wealth and personal banking business, as part of a radical strategy overhaul at Europe’s largest lender by assets.
Previously, clients with more than $5 million of investable assets were served by the bank’s private banking unit, while those with less than that threshold were taken up by HSBC’s retail banking and wealth management division.
In his new role, Martin will also head digital initiatives at the new unit, which will be one of the world’s largest wealth managers with $1.4 trillion in assets, the bank said in a statement on Thursday.
Martin, who will continue to be based in Hong Kong, has been in his current role since 2014. His successor as the head of Asia Pacific wealth and personal banking would be announced soon, the bank said.
In 2019, pre-tax profit for Asia Pacific retail banking and wealth management grew 12% to $6.9 billion. The regional retail and wealth business accounted for 108% of the unit’s global pre-tax profit, while Europe and North America posted losses. (Reporting by Sumeet Chatterjee; Editing by Edmund Blair)