HSBC has appointed two co-CEOs to lead its insurance division after the resignation of Edward Moncreiffe.
Key facts
- •Edward Moncreiffe resigned as global insurance CEO to pursue external opportunities.
- •Daisy Tsang and Kai Zhang were named co-CEOs of the insurance division.
- •The appointments are effective immediately.
- •HSBC's insurance business grew by 32 percent in the first half of 2026.
- •Global wealth management revenue increased by 18 percent in the same period.
HSBC has initiated a leadership change within its insurance unit following the surprise resignation of global insurance CEO Edward Moncreiffe. Daisy Tsang and Kai Zhang have been appointed as co-CEOs of the division, effective immediately, according to an internal company memo.
By the numbers
New Leadership Structure
Daisy Tsang, currently the CEO of HSBC Life Hong Kong, and Kai Zhang, the bank's Asia head of international wealth and premier banking, will lead the insurance unit. The memo stated that both executives will maintain their existing responsibilities alongside their new roles as co-CEOs.
Context of the Departure
The memo, issued by international wealth and premier banking CEO Barry O’Byrne and Asia-Middle East co-CEOs David Liao Yi-chien and Surendra Rosha, noted that Moncreiffe is leaving to pursue external opportunities. The move follows recent growth in the bank's wealth management and insurance sectors, which are central to its expansion strategy.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by SCMP Business.
