HSBC Names New Hong Kong CEO in Leadership Shuffle

By Kimberley Kao

HSBC Holdings is shuffling its leadership ranks in Hong Kong, naming Maggie Ng as chief executive to succeed Luanne Lim, who will take the top job at Hang Seng Bank.

The global lender said Thursday that Ng, who joined in 2020, will retain her role as head of retail banking and wealth for Hong Kong. The changes are effective in October, subject to regulatory approval.

Lim, a more than 25-year veteran at the bank, will head its separately listed subsidiary at a time when the Hong Kong lender is facing declining profits and higher credit losses amid continuing economic uncertainties.

As part of the shuffle, Hang Seng Bank CEO Diana Cesar will move to a new position as vice chairman of HSBC Hong Kong, where she will advise the co-chiefs of Asia and the Middle East.

The leadership changes in Hong Kong are the latest under HSBC CEO Georges Elhedery, who has shaken up the London-based lender's bureaucratic structure and axed layers of management to simplify the bank's structure since taking over in 2024.

Over the past year, HSBC has merged its commercial- and investment-banking operations, cut the size of its executive committee by a third, and announced plans to stop advising companies on doing deals and going public in the U.S. and Europe. Elhedery has also made operations in HSBC's biggest markets, the U.K. and Hong Kong, as standalone businesses.

HSBC currently holds a nearly 64% stake in Hang Seng Bank.

Shares of HSBC in Hong Kong were 0.8% higher at midday Friday, while Hang Seng Bank's stock was up 0.4%.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

September 05, 2025 00:50 ET (04:50 GMT)