JPMorgan named Kwang Kam Shing as its new Hong Kong CEO, taking over for Harshika Patel, who will remain as head of the firm’s Asia Private Bank.
Kwang will report to Sjoerd Leenart, the Asia-Pacific CEO, and will oversee local governance, coordination, and controls. She will also continue to foster employee and community engagement in the Hong Kong operation, according to an internal memo seen by the Post on Friday.
She will take over from Patel, who was the Hong Kong CEO for three years. Patel took over from Kwang as CEO of the Asia Private Bank in October last year.
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“We extend our gratitude for the tremendous impact Harshika has brought to the role over her three year tenure. Harshika’s leadership, energy and passion have been truly outstanding”, Leenart said in the memo sent on Friday.
Kwang “will build upon the incredible work done by Harshika”, Leenart added.
Kwang will remain as the chair of North Asia and vice chair of investment banking for Greater China. She has been with the bank since 1998. She has more than 30 years of experience in financial services, across private banking, asset management and investment banking.
JPMorgan’s Kam Shing Kwang. Photo: Handout alt=JPMorgan’s Kam Shing Kwang. Photo: Handout>
Throughout the course of her career, Kwang has been named one of the leading female private bankers in Asia by Global Investor magazine. She was among the top 12 most influential female bankers in Asia according to Finews.asia and was the most influential female leader in Asia, The Digital Banker said.
Attracting the ultra-rich to bank with JPMorgan is likely to be a top priority for the incoming CEO. Hong Kong’s tax breaks and immigration policies to attract tycoons to set up family offices in the city have been quite successful, with many families coming from mainland China and Southeast Asia, according to its Private Bank team in an interview with the Post earlier this year.
The increase in wealth also underscores the need for sophisticated global wealth management structures, the report added.
The bank is celebrating its 100th anniversary in Hong Kong this year.
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.
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Publish date : 2024-09-05 22:29:00
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