HSBC strikes back at ANZ by poaching Asia head of trade

Bruce Alter has joined HSBC's trade team as head of trade and supply chain for China, jumping from ANZ and replacing Sohfern Boey who has been named head of sales for the bank's trade and supply chain business in Hong Kong.

The hiring of Alter comes after the Australian institution poached HSBC's Asia-Pacific head of trade and supply chain, Mark Evans, for its own budding regional transaction banking business in June 2009. Simon Constantinides replaced Evans in August. Other executives ANZ has lured away from HSBC in recent years include Susan Yuen, former managing director of corporate and institutional banking in Malaysia, and Chris Page, former Asia-Pacific chief credit officer.

In his new position, Shanghai-based Alter will be responsible for building and managing HSBC's trade business in mainland China. He reports to Helen Wong, deputy chief executive officer for HSBC China.

"Bruce's expertise, gained over more than 20 years in this business, combined with HSBC's unmatched presence in China will enable us to provide clients with the advisory services and guidance they require to navigate China's complex and challenging marketplace," Christopher Lewis, head of trade and supply chain for greater China, said in a statement.

A representative of HSBC said Alter's appointment was effective this month.

At ANZ, Alter was the bank's Hong Kong-based Asia head of trade. He has also worked in various transaction banking roles throughout Asia with Citi, J.P. Morgan and Wachovia Bank (now Wells Fargo Bank).

Sohfern Boey

With regard to Boey's move to Hong Kong, Lewis said: "Hong Kong businesses play a vital role in commerce within Asia and around the world. I am delighted that Sohfern, who brings more than a decade of trade and supply chain as well as cash management experience gained in Malaysia, Singapore and mainland China, has agreed to take on this important role".

Reporting to Lewis, she officially starts her new role as head of sales for trade and supply chain in Hong Kong on February 1.

Another change in HSBC's trade team is the promotion of Holly Liao to head of middle office for HSBC China. She was previously head of trade and supply chain for Taiwan at the bank. In her new position, Liao will oversee daily operations for the bank's trade business.

At the end of December, HSBC's Asia-Pacific trade team consisted of 2,148 specialists in 20 countries. The bank processed $141.2 billion worth of trade transactions during the first nine-months of 2009.