Sources familiar with the matter said Edward Moncreiffe, CEO of HSBC Global Insurance, will officially depart in September, wrapping up a 20-year tenure with HSBC Group.

HSBC plans to split the global insurance leadership role and assign its responsibilities to two senior executives. HSBC has appointed Kai Zhang, Head of International Wealth and Premier Banking Asia, and Daisy Tsang, CEO of HSBC Insurance Hong Kong, as Co-CEOs of HSBC Global Insurance, with both retaining their original roles concurrently.