Hong Kong remains the key hub for private banks in the Asia region due to its global connectivity and its pivotal relationship with mainland China. Despite a challenging 2024, with slower economic growth and the property sector in the doldrums, wealth flows in the region have been consistent.

As the city recently welcomed the Lunar Year of the Snake, will Hong Kong unveil further market surprises and attract a larger share of clients’ wallets? Below, Asian Private Banker highlights the five private banks to watch in Hong Kong in 2025.

Deutsche Bank Private Bank

The shocking exit of Kanas Chan, head of North Asia for Deutsche Bank Private Bank, is putting the German lender in the spotlight again.

Since the departure of Lok Yim, a former Deutsche Bank executive who is now head of HSBC GPB APAC, the bank has kept itself quiet in Hong Kong. In the meantime, Marco Pagliara took on the role of emerging market head, and most new hires were in Singapore and the Middle East.

Chan’s replacement, Frederick Fong, is less high profile than his predecessor, with his previous role as a senior relationship manager.

“Pagliara, Chan and clients all like Frederick, but this is a surprising appointment as Deutsche Bank still has some senior market heads in the region,” people familiar with the matter told APB, but most are eager to see what changes Fong will implement since taking on the role.

“This leadership transition is a timely opportunity to accelerate our strategic growth ambition in this very important market, where Deutsche Bank is deeply committed. I am personally convinced that Fred and our highly respected North Asia team will seize this opportunity to write a new chapter of growth for our business,” Pagliara noted.

Deutsche Bank Private Bank names new head of North Asia

Citi Private Bank

Citi experienced a choppy 2024 with restructuring and banker departures. But could the Year of the Snake bring a fresh start for the US lender under its latest leadership structure?

Citi head of wealth, Andy Sieg, announced a new leadership scheme following the sudden exit of Citi Private Bank global head, Ida Liu. Steven Lo, a three-decade veteran of Citi, is now the head of Japan, Asia North and Australia (JANA), and Asia South for Citi Private Bank, meaning he is once again managing the overall APAC platform, a role that he first picked up in 2018.

Sieg’s decision to break up private bank coverage into four key markets, with all the heads reporting directly to him, is to reduce complexity and strengthen the bank’s focus on clients. “This will enable even closer collaboration with leaders of the products and functions essential to delivering for our clients around the world,” the head of wealth said in a memo.

While Sieg is set to make another trip to Asia soon, he made several trips to the region last year, suggesting the bank’s commitment to deepening its wealth management business in Asia.

Citi Private Bank is known for focusing on UHNW clients. For its Hong Kong business, despite headcount losses last year, its revenue and NNIA growth were still on par with its peers. Sieg told Bloomberg last year that Citi Private Bank is ready to hire again to support business growth.

With Citi set to bring in fresh blood to the business, the industry is eager to see how 2025 develops for the US lender.

Citi Private Bank reshuffles leadership in Asia

HSBC Global Private Banking

HSBC Global Private Banking (HSBC GPB) was among the private banks undergoing significant changes in 2024, in particular in Hong Kong.

The bank lost two of its senior market heads in Hong Kong last year, Bryce Wan and Rachel Wei, and removed the layer of North Asia for regional head Yim to increase collaboration with Greater China desk heads.

While Gabriel Tam, head of investment counselling for GPB Asia, had taken up the temporary role as market head of Hong Kong, he has been on personal leave since the last quarter of 2024. According to people familiar with the matter, Alan Wong, the UHNW desk head for Hong Kong, is holding the interim position once again.

Apart from the changes in Hong Kong, HSBC Group is undergoing organisational restructuring under the leadership of new CEO Georges Elhedery. Last year, Elhedery separated different business units into East and the West, with Hong Kong centre of the former. Under the group revamp, global CEO for HSBC GPB, Annabel Spring, left last year.

Hong Kong remains the primary market for HSBC, with the majority of its revenue being generated from the region. Despite no change to operations, talent recruitment is still a task Yim faces in Hong Kong to strengthen the lender’s position.

Hiring? Not yet. Lok Yim’s priorities for HSBC GPB Asia lie elsewhere

BNP Paribas Wealth Management

BNP Paribas Wealth Management (BNP Paribas WM) in Hong Kong had a bumper year in 2024 when it came to onboarding new talent.

Since 2023, Lemuel Lee, head of wealth management for Hong Kong, has been steadily adding seasoned bankers to his Hong Kong team to support business growth. Over the past two years, Lee has hired senior bankers from top-tier private banks such as Morgan Stanley Private Wealth Management, Julius Baer and UBS.

Despite Lee’s efforts in bringing in new hires, the more crucial question will be whether the new talent is bringing in AUM and supporting revenue growth.

According to APB Insights, BNP Paribas WM recorded 0.4% increase in its regional AUM in 2023, but with all the new talent hired, that number could be set to climb higher. APB will release its AUM private banking data for 2024 later this year.

“In 2025, we will continue to prioritise hiring and retention in all our key geographies, ensuring that we attract and nurture the best talent in the industry. We’ll also invest in initiatives that foster growth, engagement, and sustainability,” Arnaud Tellier, Asia Pacific CEO said recently.

Just this week, the former co-head of China Merchants Bank International (CMBI) Wealth Management, Alexis Wu, joined Lee at BNP Paribas WM in Hong Kong, suggesting that the French bank’s hiring spree is not over yet.

BNP Paribas WM hires seasoned China banker in Hong Kong

Standard Chartered Private Bank

In almost four years, Raymond Ang, global head and chief executive, private and affluent banking, head of Wealth & Retail Banking, Greater China and North Asia, has lifted Standard Chartered Private Bank’s brand. With his recent relocation to Hong Kong, what developments can we expect from him?

Over the past three years, Ang has built up his teams in Standard Chartered Private Bank’s main hubs – Hong Kong, Singapore and the Middle East – by hiring a significant number of bankers. The former UBS and DBS executive also recently announced his target to acquire US$200 billion in net new money over the next five years within the affluent segment, alongside double-digit growth in Wealth Solutions income.

In October 2024, Ang relocated to Hong Kong from Singapore, along with his boss Judy Hsu, CEO of wealth and retail banking.

“I have moved to Hong Kong to help our Greater China teams navigate this regional industry headwind, and we also want to invest in capturing the emerging opportunities, especially in the area of family offices,” he told APB in an interview towards the end of last year, adding he is also planning to increase hiring in Hong Kong.

Standard Chartered has long been promoting its wealth management growth story to revive its struggling share price. While it is evident that Ang will continue to attract top talent for the bank, strengthening the lender’s proposition in Hong Kong will require more than just hiring – it will need a comprehensive strategy to enhance its market position.