{"id":101995,"date":"2026-08-12T12:28:11","date_gmt":"2026-08-12T12:28:11","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/101995\/"},"modified":"2026-08-12T12:28:11","modified_gmt":"2026-08-12T12:28:11","slug":"hsbc-reshuffles-insurance-division-after-ceos-surprise-departure-internal-memo","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/101995\/","title":{"rendered":"HSBC reshuffles insurance division after CEO\u2019s surprise departure: internal memo"},"content":{"rendered":"<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">HSBC, the biggest lender in Hong Kong and Europe, has launched a major reshuffle of its insurance unit, with two senior executives appointed to replace outgoing global insurance CEO Edward Moncreiffe, according to an internal company memo seen by the South China Morning Post.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">Daisy Tsang, CEO of HSBC Life Hong Kong, and Kai Zhang, Asia head of international wealth and premier banking, have been named co-CEOs of insurance, effective immediately, the document stated.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The pair will continue to undertake their current responsibilities in addition to their new roles, it added.<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">The reshuffle came as Moncreiffe resigned from HSBC \u201cto pursue external opportunities\u201d, according to the memo, which was jointly issued by Barry O\u2019Byrne, CEO of international wealth and premier banking, and the lender\u2019s co-CEOs for Asia and the Middle East, David Liao Yi-chien and Surendra Rosha.<\/p>\n<p>The departure of Moncreiffe has taken the market by surprise, as insurance and wealth management <a target=\"_self\" class=\"e1yy41x40 ef9u0v01 css-1ankfgb ecgc78b0\" href=\"https:\/\/www.scmp.com\/business\/banking-finance\/article\/3351327\/life-insurance-sales-hong-kong-hit-record-amid-rise-millionaires?module=inline&amp;pgtype=article\" title=\"\" data-qa=\"BaseLink-renderAnchor-StyledAnchor\" rel=\"nofollow noopener\">are key focuses of HSBC\u2019s expansion plans<\/a>. The lender\u2019s global wealth management arm saw revenue jump 18 per cent in the first half of 2026, while its insurance business grew 32 per cent, according to its results announced last week.<img decoding=\"async\" alt=\"The resignation of Edward Moncreiffe, HSBC\u2019s former CEO of global Insurance, has taken the market by surprise. Photo: Dickson Lee\" data-qa=\"BaseImage-handleRenderImage-StyledImage\" class=\"e1gf69pb2 css-6ikqhs e445x7d0\" loading=\"lazy\" src=\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/08\/37db3371-833a-4908-ab4a-aef668e3b6f4_2663f71a.jpg\" title=\"The resignation of Edward Moncreiffe, HSBC\u2019s former CEO of global Insurance, has taken the market by surprise. Photo: Dickson Lee\"\/>The resignation of Edward Moncreiffe, HSBC\u2019s former CEO of global Insurance, has taken the market by surprise. Photo: Dickson Lee<\/p>\n<p datatype=\"p\" data-qa=\"Component-Component\" class=\"e8zc9q40 css-1c6uqr6 ec74h0k1\">\u201cInsurance is integral to delivering our strength to become the leading international wealth manager for affluent to ultra-high-net-worth clients in key markets and corridors,\u201d the memo said.<\/p>\n","protected":false},"excerpt":{"rendered":"HSBC, the biggest lender in Hong Kong and Europe, has launched a major reshuffle of its insurance unit,&hellip;\n","protected":false},"author":2,"featured_media":101996,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[20667],"tags":[12170,1659,42911,42916,42914,20688,1772,9881,22289,42915,42913,42,27737,42917,42912],"class_list":["post-101995","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hsbc","tag-allianz","tag-asia","tag-barry-obyrne","tag-david-liao-yi-chien","tag-edward-moncreiffe","tag-georges-elhedery","tag-hong-kong","tag-hsbc","tag-hsbc-life","tag-kai-zhang","tag-manulife-sinchem-life-insurance-company","tag-middle-east","tag-south-china-morning-post","tag-surendra-rosha","tag-tsang"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117082546015580335","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/101995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=101995"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/101995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/101996"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=101995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=101995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=101995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}