HSBC Onboards Two New Co-Chief Execs for APAC

H​SBC recently announced the appointment of David Liao and Surendra Rosha as its new Co-Chief Executives of HSBC Asia Pacific, effective immediately.

David and Rosha will take over from Peter Wong, who will step into the role of non-executive Chairman of HBAP. In addition, Peter will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn.

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According to the official press release, David, most recently served as Head of Global Banking Asia Pacific, and Surendra Rosha, formerly CEO of HSBC India, will share panregional leadership responsibilities that include jointly leading regional businesses and functions, embedding purpose, values and culture, developing leadership and talent and overseeing risk, capital and liquidity levels.

David and Rosha will also be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. They will be based in Hong Kong, reporting directly to Noel Quinn.

The region will continue to be run as a single entity, jointly managed. Liao and Rosha will share the reporting lines for the markets in Asia Pacific between them.

Commenting on the new appointment, Noel Quinn said, “I am very excited to have David and Rosha join the Group Executive Committee. Their collective experience of our markets across Asia Pacific, together with their combined knowledge of the bank and our customers mean they are ideally placed to grow the business. We are investing US$6bn in Asia in the next 5 years and David and Rosha will lead this next phase of our Asia strategy as we focus on expanding and diversifying our presence across the world’s most dynamic region.”

As Fazzaco reported earlier, HSBC Holdings Plc has exited its US domestic mass retail banking busines​s by selling a large part of its business to local lenders and retaining a small network of physical locations in existing markets. As a result, HSBC Bank USA, N.A. (HBUS) will reposition its US Wealth and Personal Banking business to focus on the banking and wealth management needs of globally connected affluent and high net worth clients.