HSBC has appointed former Citi executive Ida Liu as chief executive officer of its private bank, the group confirmed on Monday. Liu will take up the role on 5 January, according to a statement from the lender.
Liu joins HSBC from Citi, where she most recently served as global head of Citi Private Bank. She brings more than 25 years of experience in wealth management, strategic advisory and business transformation, working with ultra-high-net-worth individuals and multi-generational families.
HSBC said the appointment forms part of its plans to strengthen its private banking business as competition for wealthy clients intensifies among global lenders. The bank’s private bank serves some of the world’s richest individuals and families, offering bespoke investment, advisory and lending services.
Her appointment “reflects our ambition to further strengthen the private bank as the partner of choice for the world’s most sophisticated entrepreneurs and families,” said Barry O’Byrne, CEO of HSBC International Wealth and Premier Banking.
Liu succeeds Gabriel Castello, who has been serving as interim head of the private bank since December last year. Castello stepped into the role on a temporary basis following leadership changes within the division, as HSBC continued to review its global wealth management strategy.
The move comes as HSBC continues to prioritise its wealth and private banking operations, particularly in Asia and other high-growth markets. The lender has repeatedly highlighted wealth management as a key pillar of its long-term growth strategy, alongside commercial and corporate banking.
During her tenure at Citi, Liu held a number of senior leadership roles and was closely involved in expanding the bank’s private banking platform globally. Her background spans advisory services, organisational transformation and client strategy, with a focus on complex wealth structures and cross-border needs.
HSBC International Wealth and Premier Banking oversees a broad range of services, including private banking, asset management and retail wealth offerings. The private bank sits at the top end of this portfolio, catering to ultra-wealthy clients and family offices.
HSBC did not disclose further details on Castello’s next role within the group. The bank said Liu’s appointment will take effect at the start of January, subject to regulatory approvals where required.
HSBC Holdings PLC is headquartered in London and is one of the world’s largest banking and financial services organisations, with operations across Europe, Asia, the Americas, the Middle East and Africa.
