Her appointment is subject to regulatory approval. She will be based in Singapore and she will be reporting to Ajay Kanwal, regional CEO of ASEAN and South Asia.
Hsu will replace Neeraj Swaroop, the company’s current CEO, who will be leaving the bank to pursue other opportunities. Swaroop was only appointed to the position in March last year.
Hsu’s appointment comes amid challenging times. Standard Chartered announced in January this year the closure of its institutional cash equities, equity research and equity capital markets businesses. The company also said that it would actively seek to exit or reconfigure non-core and underperforming businesses.
Last year, the company announced the sale or closure of its consumer finance business in China, Hong Kong, Germany and South Korea; its retail bank in Lebanon; retail securities in Taiwan; commercial leasing subsidiaries in Pakistan, private banking activities in Geneva and various SME portfolios.
Hsu joined Standard Chartered in 2009. Her most recent position was group head of wealth management, for which she will remain responsible during a transition period.
In her role as CEO for the bank’s Singapore business, Hsu will be responsible for developing and executing the strategy for business; building relationships with local clients, regulators and stakeholders; bottom-line profitability and capital.