Veteran HSBC Asia Private Banker Surfaces

Michael Hua HSBC LGT peoplemoves

Michael Hua

Prominent Asian private banker Michael Hua left HSBC Private Bank in Singapore in April. The 12-year veteran of HSBC has joined a smaller rival, finews.ch has learned.

Michael Hua was hired by Liechtenstein private bank LGT, which is owned by the principality's royal family. The bank confirmed the move, saying Hua had begun at LGT this week.

Hua was previously a senior private banker responsible for HSBC's private bank relationship management teams in Malaysia, Thailand, Vietnam and the Philippines. Hua, who had been with HSBC for almost twelve years, was rolling out strategic country market plans for Malaysia, Thailand and Vietnam for HSBC at the time of his departure. 

HSBC Turmoil

The two banks have ties stemming from a 2014 deal in which HSBC sold private bank assets months before it was caught up in a major tax evasion scandal. LGT bought 7.1 billion Swiss francs of those assets, which HSBC wanted to sell to reduce the size of its private bank.

HSBC's Malaysia team head, Eng Luke, is reported to have left HSBC at the same time. Earlier this year, HSBC also lost former Singapore private bank co-head  Rob Ioannou to DBS's private bank, as finews.asia exclusively reported at the time.

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary

Newsletter

Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.