HSBC's global chief executive for insurance business, Edward Moncreiffe, is set to leave the bank after about two decades, marking another senior management departure during a broader restructuring under group CEO Georges Elhedery. Moncreiffe, who took the global insurance role in 2024 and is based in Hong Kong, is expected to leave for external opportunities and officially depart in September, according to sources cited by Reuters. HSBC plans to appoint Kai Zhang, Asia head of international wealth and premier banking, and Daisy Tsang, CEO of HSBC Life Hong Kong and Macau, as co-CEOs alongside their current roles. The leadership change comes as HSBC intensifies its Asia wealth push, where insurance is a major fee-generating business. In the first half, HSBC's insurance arm posted profit of $1.1 billion, up 38% from a year earlier, contributing 42% of the wealth division's $2.6 billion pretax profit. The move also follows a series of portfolio changes, including the sale of its Singapore life and health insurance business to Allianz for S$2.7 billion ($2.1 billion) and the disposal of an A$36 billion ($25.3 billion) Australian home and personal loan portfolio to Blackstone. Investor attention is also on Hong Kong, HSBC's biggest market, after the bank's shares fell 4.2% last week on concerns Beijing's move to tax offshore insurance returns could weaken demand from mainland buyers.