HSBC, the biggest lender in Hong Kong and Europe, has launched a major reshuffle of its insurance unit, with two senior executives appointed to replace outgoing global insurance CEO Edward Moncreiffe, according to an internal company memo seen by the South China Morning Post. Daisy Tsang, CEO of HSBC Life Hong Kong, and Kai Zhang, Asia head of international wealth and premier banking, have been named co-CEOs of insurance, effective immediately, the document stated. The departure of Moncreiffe has taken the market by surprise, as insurance and wealth management are key focuses of HSBC’s expansion plans . The resignation of Edward Moncreiffe, HSBC’s former CEO of global Insurance, has taken the market by surprise. Photo: Dickson Lee“Insurance is integral to delivering our strength to become the leading international wealth manager for affluent to ultra-high-net-worth clients in key markets and corridors,” the memo said.