HSBC recruits ex-Citi executive Ida Liu to lead private bank

• Key insight: HSBC taps almighty erstwhile Citi enforcement to bolster its private-banking business.
  

• Supporting data: HSBC, which aims to beryllium the starring backstage slope successful Asia, the Middle East and the United Kingdom, is trying to summation its assets nether absorption successful the UK to $135 cardinal by 2028.
  

• Forward look: Liu is tasked with starring a planetary effort to pull much affluent customers to HSBC.
  

HSBC has hired erstwhile Citigroup enforcement Ida Liu to beryllium the adjacent CEO of its backstage bank.

Liu volition articulation the London-based slope connected Jan. 5, astir 11 months aft she resigned from Citi, wherever she oversaw its backstage bank. In her caller role, Liu volition study to Barry O'Byrne, CEO of HSBC International Wealth and Premier Banking, the institution said Monday successful a property release.

Liu volition beryllium successful complaint of "accelerating the maturation of the backstage bank" arsenic good arsenic drumming up much concern with ultra precocious nett worthy clients and "strengthening cross-border connectivity crossed cardinal wealthiness corridors," the slope said. HSBC is trying to treble its assets nether absorption successful the United Kingdom to $135 cardinal by 2028, Bloomberg has reported.

Liu's hiring "reflects our ambition to further fortify the backstage slope arsenic the spouse of prime for the world's astir blase entrepreneurs and families," O'Byrne said successful a statement.

She volition win Gabriel Castello, who has been serving arsenic interim CEO of the backstage slope since the departure precocious past twelvemonth of Annabel Spring. HSBC's backstage slope is portion of its planetary wealthiness and premier banking business, 1 of 4 halfway businesses that HSBC operates pursuing a reorganization successful January.

Over the past respective months, Liu has remained a starring dependable successful wealthiness management. She has appeared astatine conferences and different events to talk astir women successful finance, planetary events and the impending intergenerational wealthiness transfer, successful which an anticipated $31 trillion volition walk from babe boomers to younger heirs. She is expected to relocate from New York City to London.

In a LinkedIn station Monday, Liu said she's joining HSBC "at a defining infinitesimal for wealth."

"Clients contiguous are progressively global, entrepreneurial and multi-generational, creating a almighty accidental to elevate however backstage banking serves families and founders worldwide," Liu wrote. "HSBC's unmatched planetary platform, long-standing lawsuit relationships, and committedness to innovation supply a uncommon instauration to signifier the aboriginal of backstage banking."

Liu, who was a multiyear honoree connected American Banker's Most Powerful Women successful Finance lists, started her vocation arsenic an concern banker. She switched gears successful 2004 to go a manner enforcement and past returned to banking successful 2007 aft she pitched Citi connected launching a fashion, media and entertaining signifier wrong its backstage bank. Citi liked the thought and hired Liu, who went connected to commencement Citi's Asian Clients Group to get much concern from Citi's largest Asian clients.