HSBC Holdings Plc plans to split the job of overseeing its key Asian business as the bank’s regional boss Peter Wong prepares to step down from the role.
Europe’s largest lender plans to appoint Wong’s protege, David Liao, and the chief executive of its Indian business, Surendra Rosha, as joint heads of its Asian arm this year, people familiar with the matter said, asking not to be identified as details are private. Liao is likely to manage Greater China, while Rosha will oversee the rest of the region, one person said.
Wong is expected to take a non-executive chairman role at the bank’s Asian business, two people said. A bank spokeswoman declined to comment. A smooth transition is crucial for the bank, which is staking its future on the region by steering billions of dollars in capital toward Asia, while shrinking or exiting unprofitable operations in other parts of this world. Key to this is capitalising on China’s rising affluence and its plans to create an economic powerhouse by linking Hong Kong closer to mainland cities such as Shenzhen and Guangzhou in the Greater Bay Area.
HSBC has also been seeking to deploy more resources across the rest of Asia, where it has been struggling to compete with dominant players such as Singapore’s DBS Group Holdings Ltd and rival Standard Chartered Plc.
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