“The two-way cross-boundary Wealth Management Connect marks another important milestone for the Mainland’s capital account liberalisation after the Stock Connect and Bond Connect schemes. It represents a major breakthrough in Hong Kong’s offshore renminbi business development, and a significant step to foster closer financial cooperation in GBA” as spoken by Mr Eddie Yue, Chief Executive of the HKMA on June 29th 2020.
How much progress has been made since reforms and responsibilities were outlined in the February 2019 master development plan for this prosperous and populous region, what opportunities await and how have industry participants been preparing to capture these?
As one of the richest and most developed regions in China, the Greater Bay Area represents unprecedented private banking/wealth management and AUM gathering opportunities for Hong Kong SAR and its private banking industry.
Are the banks ready and will 2021 finally be the year of the GBA and Wealth Connect?
About the speakers
Managing Director, Head of Private Banking North Asia, Chief Executive Hong Kong Branch, Credit Suisse
Dr. François Monnet was appointed Head of Private Banking North Asia effective August 2018, based in Hong Kong. Prior to that responsibility, Dr Monnet ran the Private Banking franchise for Greater China.
In this role, Dr. Monnet works closely with the respective Market Group Heads and Country CEOs across Credit Suisse’s integrated bank to enhance its ability to capitalize on the synergies and business opportunities in Greater China and Japan, drive client interconnectivity across business divisions and markets to further build the bank’s strong client franchise in the region. In addition, Dr Monnet is the Chief Executive of Credit Suisse’s Hong Kong Branch.
Previously Dr. Monnet was the Chief Operating Officer for Private Banking Asia Pacific from April 2012. In this capacity, he assumed responsibility for all run- the-bank functions, investments in infrastructure and change management, risk and supervisory controls, pricing and strategy, including the build-up of Credit Suisse’s Private Banking digital capabilities across Asia.
Dr. Monnet joined Credit Suisse in 2007 as Head of Private Banking Southeast Asia and Australasia until 2010 when he assumed a new responsibility as Head of Ultra High Net Worth clients for Private Banking Southeast Asia, Australia and Japan. Prior to Credit Suisse, he managed the offshore core affluent client segment in Asia Pacific at UBS, with an additional focus on the Singapore domestic market. He started his banking career at UBS Zurich in Corporate Finance and Mergers & Acquisitions.
Dr. Monnet is a graduate of University of Geneva, holds a Master of Arts in Law and Diplomacy (Tufts/Harvard Universities) as well as a Doctor of Philosophy in Political Sciences from University of Geneva, Switzerland. He is the recipient of an Executive MBA from INSEAD. He is a Chartered Financial Analyst.
Tan Siew Meng
Regional Head, HSBC Private Banking, Asia-Pacific
Tan Siew Meng was appointed Regional Head of HSBC Private Banking, Asia Pacific, in January 2017. She leads a team of 1,400 dedicated professionals across the region to serve the wealth needs of business owners and their families.
Siew Meng has more than 30 years of banking experience in a wide variety of management roles across Asia, culminating in her being recognised as Asian Private Banker’s Private Banker of the Year in 2019.
Prior to her current position, Siew Meng was the Regional Head of Global Trade and Receivables Finance for HSBC in Asia-Pacific. In this role, she managed the Bank’s trade and supply chain franchise across the region, along with HSBC’s Regional Receivables Finance & Commodity and Structured Trade Finance businesses.
Siew Meng joined HSBC in April 2004 as Director, Corporate and Investment Banking, Singapore, and was subsequently promoted to Head of Commercial Banking for Singapore in 2006. In 2011, she was appointed CEO of HSBC Mauritius, followed by CEO of HSBC Thailand in 2013.
Before joining HSBC, Siew Meng spent more than five years at Citibank, N.A., and held senior roles at Barclays de Zoete Wedd, and DBS Bank.
Siew Meng holds a Bachelor’s degree in Business Administration from the National University of Singapore.
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