Edward Moncreiffe, HSBC's global insurance chief, departs after two decades as CEO Georges Elhedery's overhaul continues. The bank sold Singapore insurance to Allianz and an Australian loan book to Blackstone last month.
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HSBC's global head of insurance, Edward Moncreiffe, is leaving the bank after roughly 20 years, two people with direct knowledge of the move said. The departure comes as part of a broader management shake-up under CEO Georges Elhedery, who took over in 2024 and has been slashing costs and selling off smaller businesses.
Moncreiffe took the global insurance role in 2024. Before that, he spent seven years as CEO of HSBC Life Hong Kong and Macau, the lender's largest insurance market. He will leave in September, one of the sources said, and HSBC plans to split his responsibilities between two successors.
A Hong Kong-based HSBC spokesperson declined to comment. Moncreiffe did not respond to a request for comment.
The exit is the latest in a string of senior departures at HSBC. Former head of banking for Europe and the Americas Gerry Keefe resigned in April. Cash equities trading heads James Grafton and Steve Jobber left in February. Former U.S. banking chief Lisa McGeough departed last September.
Moncreiffe's departure follows two recent divestments. Last month, HSBC agreed to sell its life and health insurance business in Singapore to Germany's Allianz in a S$2.7 billion (S$2.1 billion) deal. It then sold its A$36 billion ($25.3 billion) Australian home and personal loan portfolio to Blackstone.
Insurance has been a strategic focus for HSBC as it tries to grow fee income in Asia, particularly in Hong Kong, mainland China and Southeast Asia. Income from the bank's insurance business rose 20% in the first half of this year from a year ago, outpacing an 18% overall wealth revenue increase.
HSBC shares fell 4.2% last week on concerns that Beijing's plan to tax offshore insurance returns will hit demand in Hong Kong, the bank's biggest market.
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