HSBC's global head of insurance, Edward Moncreiffe, is set to leave the bank in September after two decades with the lender, as the group continues a broader restructuring and focuses on expanding its wealth business in Asia.
Moncreiffe, who has led HSBC's global insurance business since 2024, is leaving for external opportunities, according to people familiar with the matter. HSBC declined to comment.
The bank plans to appoint Kai Zhang, Asia head of international wealth and premier banking, and Daisy Tsang, CEO of HSBC Life Hong Kong and Macau, as co-CEOs of the insurance business alongside their existing roles, according to sources.
Moncreiffe joined HSBC in 2005 and has held senior positions across life and pensions, distribution and strategic partnerships in Europe, Latin America and Asia-Pacific. Before taking the global insurance role, he spent seven years as CEO of HSBC Life Hong Kong and Macau.
His departure comes as HSBC reshapes its business around wealth and Asian markets. The bank recently agreed to sell its Singapore life and health insurance business to Allianz for S$2.7 billion, while also pursuing wider portfolio changes under group CEO Georges Elhedery.
Despite the restructuring, insurance remains an important contributor to HSBC's wealth strategy. The insurance arm generated $1.1 billion in first-half profit, up 38% year over year, accounting for 42% of the wealth division's $2.6 billion in pretax profit.
Moncreiffe's exit is the latest senior leadership change at HSBC as the bank cuts costs, reduces exposure to selected businesses and concentrates investment on wealth management and its core Asian markets.
The leadership transition also comes amid pressure in Hong Kong, HSBC's largest insurance market, following concerns that changes to taxation of offshore insurance returns could weigh on demand from mainland Chinese customers.
