Powered by MOMENTUM MEDIA
subscribe to our newsletter
Former HSBC boss to join Westpac board

Former HSBC boss to join Westpac board

The big four bank has appointed a former CEO of HSBC (Hong Kong) as a new independent non-executive director to the board as well as a member of its risk and compliance committee and Asia advisory board.

Westpac Banking Corporation has announced that Anita Fung will join the Westpac board on 1 October 2018, following “completion of all relevant regulatory and Australian visa requirements”.

Ms Fung has spent 19 years of her career at the Hong Kong and Shanghai Banking Corporation (HSBC) Limited and was chief executive officer of the corporation between 2011 and 2015.

Advertisement
Advertisement

As well as being the corporation’s head of global banking and markets, Asia-Pacific, and treasurer and head of global markets, Asia-Pacific, Ms Fung has held roles as chairman of HSBC Global Asset Management (Hong Kong) Limited and as a non-executive director of HSBC Bank (China) Company Limited.

She has also been a non-executive director of Hang Seng Bank Limited and Bank of Communications Co. Ltd and was also the chairman of the Hong Kong Association of Banks.

The incoming Westpac board member, who was awarded the Bronze Bauhinia Star in 2013 for her contributions to the development of the banking industry in Hong Kong, is also an independent non-executive director of HKEX (the Hong Kong Exchanges and Clearing Limited), China Construction Bank Corporation, Hang Lung Properties Limited and The Hong Kong Mortgage Corporation Limited.

She is also an independent non-executive member of the Airport Authority Hong Kong board and a board member of the West Kowloon Cultural District Authority.

Speaking of the appointment, Westpac chairman Lindsay Maxsted commented: “Anita is a highly respected figure in the Asia-Pacific region. She has extensive experience in wholesale and retail banking and, alongside her active promotion of the development of the Asian financial landscape, provides diversity of experience and skills to the board of Australia’s first bank.

“Her deep and current knowledge of the banking sector will be a valuable asset in executing Westpac’s strategic priorities.”

[Related: Analysis: Lessons from the Hong Kong mortgage market] 

Former HSBC boss to join Westpac board
Appointment, handshake, HSBC, Westpac, board, join
mortgagebusiness

 

Latest News

The recent wave of out-of-cycle mortgage rate reductions is expected to be entrenched by a cut to the official cash rate, which some analyst...

ING has repriced its fixed home loan products, cutting rates by up to 19 basis points. ...

Stagnant inflation growth reported by the ABS has fuelled speculation of looming monetary policy adjustment from the RBA. ...

FROM THE WEB
podcast

LATEST PODCAST: The Third-Party Lending Report in summary

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?