HSBC is dividing Asia’s leadership as it increases its focus on China

HSBC will share its top leadership role in Asia with the rest of China’s mainland, as the bank has close ties with Beijing while raising more capital in the region.

Peter Wong, who has been the lender’s chief executive in Asia for a decade, will be replaced by co-chairs David Liao, who will oversee China’s strategy, and Surendra Rosha, who will lead the rest of the region.

Liao, the group’s current head of Asia-Pacific Global Banking, is from Hong Kong and previously heads HSBC in China. Rosha, the head of its Indian operations, has worked for the bank for 30 years.

The delivery schedule, first reported by Bloomberg, is not yet final, but may come this summer, said a person close to the bank.

Wong, 69, is expected to remain in the bank as a non-executive chair of Asian business, the person said. The overhaul is part of a shock to the bank’s global leadership, which will see its four top executives moving to Hong Kong From London. HSBC declined to comment.

HSBC CEO Noel Quinn has begun nominating candidates to replace Wong during the holidays. Sequence planning was an important part of HSBC’s acceleration strategy axis to Asia, which is important for its growth ambitions.

Wong’s pension comes at a difficult time for a lender headquartered in the UK but making most of its profits in Hong Kong. It has found itself in the geopolitical turmoil of western China.

Wong, a member of the Chinese Communist Party’s political advisory body, was instrumental in easing tensions between the bank and Beijing over his role in the arrest of Huawei CEO Meng Wangzhou. However, HSBC was criticized by UK, shareholders last year when Wong publicly approved A controversial national security law imposed by Beijing on Hong Kong.

As part of the strategy upgrade in February, Quinn promised that “the heart of business will shift to Asia” while revealing a deeper team of underperforming actions in Europe and the United States.

He has made a new investment of $ 6 billion in Hong Kong, China, Singapore, and sold the bank’s French-American retail chains for a major overhaul announced in 2020 to reduce more than $ 100 billion in capital to Asia by $ 35,000. workplace: ,

HSBC has prioritized wealth in the region, particularly in China, Singapore, and India, has promised to invest $ 3.5 billion, and has hired more than 5,000 wealth advisers.

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