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HSBC Australia hires from within for new CEO

The Australian arm of the bank has revealed Antony Shaw will be its next chief executive, stepping into the role from September.

Antony Shaw, HSBC's global head of emerging markets, wealth and ESG sales, has been named as the next leader for HSBC Australia.

His role as chief executive of HSBC Australia is expected to commence from 1 September, subject to regulatory approvals.  

Mr Shaw will also join HSBC Australia’s board as an executive director. 

He will be replacing Kaber McLean, who has served as CEO of HSBC Australia since March 2020

According to HSBC Australia, Mr McLean has made a decision to take a six-month sabbatical from 31 August. However, he is expected to return to HSBC, but will take on another role.

The incoming CEO first joined HSBC almost two decades ago.

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In 2003, Mr Shaw began his role as HSBC’s head of sales, leading institutional sales across the Asia-Pacific region and the Middle East, North Africa and Turkey (MENAT) regions.

HSBC Australia has said during his time in this role that Mr Shaw played a “significant role” in markets and securities services. 

In late 2019, he was named to his most recent position as the bank’s global head of emerging markets, wealth and ESG sales, where he drove growth, according to HSBC Australia.  

Prior to his almost two decades with HSBC, Mr Shaw worked in the investment banking sector across London and Sydney. 

HSBC Australia has said the appointment comes at “a time of transition for Australia”, citing rises in the nation’s personal wealth and cost of living expenses, a return to international commercial and investment activity, and a rise in Australia’s commitments to climate change. 

“HSBC’s strategy is to help its customers connect to these changes and turn them into opportunities,” the bank said. 

HSBC Asia-Pacific co-ceo Surendra Rosha commented: "Australia’s economic success has always been underpinned by its international openness.

"As Australia's global connections continue to evolve and shift, Antony’s widespread experience will ensure our international network remains optimised to help our Australian customers manage this change and sustainably prosper.” 

Mr Rosha celebrated the outgoing CEO’s performance, adding: “Kaber has been laser-focused in identifying where and how we can best support our Australian clients, and in ensuring we had the right people investment and capability in place to execute upon it.” 

Mr Rosha added: “With the world reopening, we supported Kaber’s decision to set aside time to reconnect with family and friends abroad. We will be welcoming his return into another role, within the group, in the new year.” 

Last week, the latest Broker Pulse survey from Momentum Intelligence reported that, over June, the vast minority of brokers were satisfied with HSBC. 

According to the result, only one-quarter of the brokers surveyed responded as being satisfied with their experience at the bank. 

None were found to be satisfied with its BDMs, or its application and settlement process. 

Further, figures published by the online asset finance broker and comparisons website Savvy reported that, over 2021, HSBC accounted for a 1.23 per cent share of Australia's mortgage market.

[Related: ​​HSBC appoints new Australian CEO]

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