HSBC appoints two senior leaders in mainland China wealth business

HSBC has named two senior executives to its mainland China wealth business, as it deepens onshore investment to capture growing demand from high-net-worth clients and support sustainable expansion in the market.

HSBC has appointed Max Xu as head of international wealth and premier banking (IWPB), HSBC China, and Samuel Chen as head of private bank, HSBC China, both effective from 1 April 2026. These appointments reinforce HSBC’s commitment to accelerating growth in the world’s second-largest wealth market.

Mainland China is central to the bank’s strategic priority to become the leading international wealth manager, particularly in Asia and the Middle East. In 2025, the group’s wealth business in mainland China continued to deliver strong results, with wealth invested assets up 37% year-on-year, driven by robust wealth distribution and growth in private bank.

Kai Zhang, head of international wealth and premier banking, Asia, said: “Mainland Chinese households hold around $22 trillion in cash, including an estimated $6.5 trillion of savings that could shift into investments. With our international network, full wealth offering and integrated financial solutions, HSBC is well placed to capture this opportunity.”

Kai added, “The appointments of Max and Samuel strengthen our leadership bench, as we continue to expand our onshore wealth and private banking franchise in mainland China, reinforcing our commitment to sustainable growth and superior client experience across the premier, premier elite and private bank continuum.”

Xu is currently head of premier banking, IWPB China. He joined HSBC in 2025 and brings over 20 years of experience across institutional and consumer banking at leading international financial institutions. In his new role, Xu will lead IWPB China to drive high-quality growth across premier, premier elite and private bank, deepen connectivity across key corridors, and strengthen collaboration with corporate and institutional banking. Xu will report to Mark Wang, CEO of HSBC China, and functionally to Kai Zhang.

Chen will report to Xu and work closely with Lok Yim, regional head of HSBC Private Bank, Asia Pacific. He will focus on accelerating HSBC’s private bank business in mainland China, deepening client relationships through a holistic wealth management offering across investments, lending, insurance and wealth planning.

Lok Yim, regional head, HSBC Private Bank, Asia Pacific, said: “HSBC’s private bank business in mainland China is a key pillar of our global wealth strategy. Over the past few years, we’ve delivered substantial growth, expanded our mainland China footprint to six major cities, and built an award-winning franchise. We’re pleased to have Chen lead this important business. His leadership and strategic focus, together with a strong understanding of our entrepreneurial clients position him well to bring the full strengths of HSBC to our clients.”

Chen brings close to 20 years of banking experience, including over nine years with HSBC Private Bank in senior client-facing roles. Since the expansion of HSBC’s private bank mainland China business in 2022, he has helped build the investment counselling team. He later led the wealth business under HSBC Qianhai Securities, helping secure a margin finance licence and launching wealth lending offerings for high-net-worth clients in mainland China.

Re-disseminated by Wealth and Society