HSBC has appointed Ho Lee Yen (pictured above) as CEO of its insurance operations in Singapore, pending regulatory approvals.
Ho has been in the insurance industry for over 25 years and has held various senior executive roles across actuarial, partnership distribution, agency distribution, marketing and customer functions.
Reporting to Bryce Johns, Ho will be part of the HSBC Singapore and HSBC Life global executive committees.
“I am delighted to have Lee Yen join us to lead our extended Singapore insurance franchise into the next phase of our growth agenda,” Johns said. “Lee Yen’s extensive management experience, deep knowledge of the needs of customers and distributors, and strong understanding of the Singapore and wider Asia market, will prove invaluable as we boldly expand our horizons in a distinctive manner.”
The move comes soon after HSBC announced that it will be acquiring AXA’s Singapore business for US$575 million (SG$772 million). The two businesses’ operations will later be merged, once regulatory approval is obtained.
“Singapore is a strategically important market for HSBC globally and a gateway to Southeast Asia,” said Kee Joo Wong, HSBC Singapore CEO. “A key pillar in our wealth growth ambitions is to support individuals, companies and their employees with their health and wealth needs. The proposed AXA Singapore acquisition will deliver a distinctive and holistic wealth planning, health and general insurance experience and help us further reach and service customers beyond our branch network. We’re delighted to have Lee Yen, who is a proven and experienced insurance executive, to help us meet our customers’ needs.”
