Anita Fung, head of HSBC’s Hong Kong operation, is stepping down from running its biggest geographical source of profit as the bank creates a new role to oversee all of Greater China amid efforts to expand and broaden its business platform in the region.
Helen Wong, chief executive of its Chinese operation, will run Hong Kong until a successor is found and will take on a new position as head of Greater China for HSBC in March, according to an internal memo.
HSBC has benefited from its historical dominance of Hong Kong — a city where it is still often referred to locally as “the bank”. Together with Hang Seng Bank, its subsidiary, it still controls one-third of the local lending market and holds about the same in deposits.
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