Ida Liu Appointed as Chief Executive Officer of HSBC Private Bank
Ida Liu, the former global head of Citi’s private bank, has been named chief executive at HSBC Private Bank, effective Jan. 5, the British bank announced Monday.
“I am pleased to be joining HSBC as CEO of its Private Bank at a defining moment for wealth,” Liu said in a LinkedIn post Monday. “Clients today are increasingly global, entrepreneurial, and multi-generational, creating a powerful opportunity to elevate how private banking serves families and founders worldwide.”
Experience and Expertise
Liu brings with her more than two decades of wealth management and strategic advisory experience, including 18 years in various executive roles at Citi Private Bank. She left her post in January and the bank eliminated her position, instead opting for four regional private-banking chiefs globally. Liu left Citi over tensions with the bank’s head of wealth, Andy Sieg, the Financial Times reported.
Appointment and Growth
Her focus at HSBC will be deepening the bank’s leadership with ultra-high net worth clients and growing the private bank globally. She will report to Barry O’Byrne, HSBC’s international wealth and premier banking CEO.
“Her appointment reflects our ambition to further strengthen the Private Bank as the partner of choice for the world’s most sophisticated entrepreneurs and families,” O’Byrne said in a prepared statement.
Liu said on LinkedIn that she’s “energized” to work with O’Byrne and Citi teams worldwide to “strengthen cross-border connectivity, elevate the client experience, and drive long-term growth.”
Financial Performance
Income at HSBC Private Bank has grown 8% year over year since 2024’s third quarter, the bank said in October. The bank’s interim report in June counted a 23% increase in revenue for the private bank, “as increased customer activity led to strong performances in brokerage and trading, and from higher annuity fees, driven by growth in invested asset balances.” Wealth deposit and wealth lending both grew, the bank said.
Transition and Leadership
Last December, HSBC’s then-CEO of global private banking and wealth, Annabel Spring, left after holding the role for five years. The bank split that position into two roles, naming Gabriel Castello as interim chief of the private bank and Lavanya Chari to lead wealth and premier solutions.
When Liu assumes her role, Castello will become the private bank’s vice chair.
