HSBC in Singapore has made a top-line appointment for the leadership of its retail banking and wealth management operations, continuing a run of senior moves.

HSBC Singapore has appointed Paul Arrowsmith as head of retail banking and wealth management effective 1 August 2011, following a recent similar move by the bank in the Middle East and North Africa region.

Arrowsmith has been with the HSBC Group in Singapore since 2007 when he took over as chief executive of HSBC Insurance in the city-state. His most recent role was as deputy regional head of insurance, where he was responsible for the Asia Pacific insurance operations and assumed overall responsibility for the regional insurance arm. He is also the chairman of HSBC Insurance (Singapore).

In his new capacity, Arrowsmith is in charge of all aspects of the retail and wealth businesses in Singapore, including the insurance and asset management businesses. He reports directly to Alex Hungate, the general group manager and chief executive for Singapore.

HSBC operates in 18 locations throughout the city-state, comprised of 9 full branches, a centre for Premier customers, and 8 other branches with electronic banking capabilities. In a recent media event, Hungate told reporters that the company is looking to boost its local headcount by 1,000 over the next five years.  

Earlier in August, the bank appointed Francesca McDonagh as regional head of retail banking and wealth management for the Middle East and North Africa. McDonagh will be based in Dubai, and comes to the region from Hong Kong, where she had been head of personal financial services since 2009.