HSBC has initiated a reorganisation of its insurance business, HSBC Insurance (Asia), in the wake of CEO Mr Edward Moncreiffe's departure.
Ms Daisy Tsang, currently CEO of HSBC Life Hong Kong and Mr Kai Zhang, currently Asia Head of International Wealth and Premier Banking, will succeed Mr Moncreiffe as Co-CEOs of the insurance unit, effective immediately, according to an internal company memo seen by the newspaper South China Morning Post.
Ms Tsang and Mr Zhang will undertake their new roles in addition to their present remits.
A source close to the insurer confirmed Mr Moncreiffe's departure from the company.
Mr Moncreiffe worked for nearly 20 years at the HSBC Group. The several roles he held in the group included Director of Life and Pensions and Head of Distribution. Prior to taking the role of CEO of Insurance in 2024, he was CEO of HSBC Life Hong Kong and Macau.