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:
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.