HSBC have officially appointed Daisy Tsang and Kai Zhang as Co-CEOs of HSBC Global Insurance with immediate effect, following the departure of Edward Moncreiffe.
The appointments split the leadership of the global insurance business between two senior executives who will retain their existing roles. Tsang will continue as CEO of HSBC Life Hong Kong, while Zhang remains head of International Wealth and Premier Banking (IWPB) for Asia.
Tsang has been with HSBC since 2002 and held a sales and channel development role before moving into the bank’s insurance business in 2020. She was the managing director and chief distribution and customer officer at HSBC Life Hong Kong and Macau before being appointed CEO of HSBC Life Hong Kong in 2024.
Zhang joined HSBC in 2023 to lead its wealth and premier banking business in Asia. Before joining the bank, she held senior leadership positions at Manulife and Citi. Earlier in her career, she also worked at McKinsey and WTW.
The leadership change comes a day after Moncreiffe confirmed his departure in a LinkedIn post, ending weeks of speculation that he would pursue a new chapter outside the bank.
Moncreiffe was appointed CEO of HSBC Global Insurance in 2024 after serving seven years as CEO of HSBC Life Hong Kong and Macau. During his time at HSBC, he also held senior insurance and wealth management roles across Ireland, Brazil and the UK.
The appointments come amid a broad restructuring at HSBC under group CEO Georges Elhedery, who has reorganised the bank around geographic business lines and simplified management structures. He has also accelerated the disposal of non-core businesses.
As part of that strategy, HSBC agreed in July to sell its Singapore life and health insurance business to Allianz for S$2.7bn (US$2.1bn), to “simplify” the group’s operations and sharpen its focus on businesses where it has greater scale.
