HSBC Holdings Plc’s Southeast Asia banking head Tou Chen Chang is leaving the bank after 10 years to “pursue other opportunities,” according to an internal memo obtained by Bloomberg.
Wan Thonh Chow became head of banking for Singapore and Southeast Asia on April 1, the memo says. Chow, who was previously the deputy head of banking for Southeast Asia, will be based in Singapore and report to Asia-Pacific banking co-heads Martin Haythorne and Che Ning Liu.
The changes at HSBC come as banks grapple with a decline in dealmaking in Southeast Asia. The value of announced acquisitions has fallen to $24.6 billion in 2015, a 42 percent decline from a year earlier, according to data compiled by Bloomberg. That compares with a 47 percent gain for Asia Pacific as a whole.
Adam Harper, a Hong Kong-based spokesman for HSBC, declined to comment on the changes. Chang, who joined the bank in 2004 from Citigroup Inc., declined to comment when reached on his mobile phone.
Alvin Lim, who was previously head of banking for Singapore, has been appointed as head of banking advisory for Southeast Asia, the memo also states.