HSBC Global Insurance CEO Edward Moncreiffe will depart the bank in September after a 20-year tenure.
Group CEO Georges Elhedery is driving the departure as part of a sweeping overhaul to reduce costs. The bank is shifting its strategic focus toward wealth management growth in Asia.
HSBC recently sold its life insurance units in Singapore and the UK to streamline core operations. Kai Zhang and Daisy Tsang will now lead the division as co-CEOs in addition to their current responsibilities. The insurance business recorded significant profit growth during the first half of the year.