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HSBC names David Liao and Surendra Rosha as co-CEOs of Asia



HSBC Holdings Plc has appointed David Liao and Surendra Rosha as co-Chief Executive Officers of the Asia Pacific region to replace long time exec Peter Wong.

Liao served as head of global banking Asia Pacific and Rosha was the CEO of HSBC India. They will drive the bank’s expansion in the region where most of its money comes from. Bloomberg reported that Liao and Rosha will step into their new roles immediately and report to Noel Quinn, the group CEO.

Noel Quinn said in the statement:

Noel Quinn, HSBC
Noel Quinn

We are investing $6 billion 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.

HSBC has shared its plans to focus on China, Southeast Asia and India and invest more in the region to drive future growth. In the end of May, the bank took a step in refocusing its business by shrinking its US operations. HSBC announced exiting 90 branches of its current network which includes 148 branches in order to wind down its US retail banking business.

HSBC

In their new roles, Liao and Rosha will be based in Hong Kong. Liao has been with the bank for 24 years and has been considered one of the front-runners as a replacement of Wong. Rosha became CEO of India in 2018 has previously served as head of the APAC financial institutions group.

Brock Silvers, chief investment officer at Kaiyuan Capital in Hong Kong said:

The re-shuffle seems to be oriented toward maintaining stability. Peter Wong will move upstairs to the chairman’s role, leaving his deputy Liao to likely run the crucial China business, with the former India CEO Rosha left to run ex-China markets.

Wong has played a significant role in managing HSBC’s sometimes rocky relationship with China. He will stay with the bank as non-executive chairman of The Hong Kong and Shanghai Banking Corp and act as an adviser to Quinn and Chairman Mark Tucker.

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HSBC names David Liao and Surendra Rosha as co-CEOs of Asia

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