Move is the latest major reshuffle for bank's China operations after former head departed in July. FMTNews HSBC
SHANGHAI: HSBC Holdings Plc, which operates the largest franchise among global banks in China, named Mark Yunfeng Wang as president and chief executive officer of its China business as the UK lender reaffirms the commitment to the world’s biggest banking market.
The move is the latest major management reshuffle for HSBC’s China operations after former Greater China head Helen Wong departed in July amid the abrupt ouster of group CEO John Flint. Europe’s biggest lender, created 155 years ago as a merchant bank in Hong Kong, vowed to deploy resources into building the Asian wealth and retail businesses as well as to keep investing in China, betting that a slump in the world’s second-largest economy will be fleeting.
The bank now employs more than 8,000 staff in about 170 outlets across China, according to its website.
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