HSBC Replaces Top Executive in Asia -- 3rd Update
07 Junio 2021 - 08:22AM
Noticias Dow Jones
By Elaine Yu and Jing Yang
HONG KONG -- HSBC Holdings PLC on Monday said its Asia-Pacific
CEO Peter Wong is retiring and it has appointed two veteran bankers
to take over the running of its business in the region.
The London-headquartered banking giant named David Liao and
Surendra Rosha as Asia-Pacific co-CEOs with immediate effect,
giving them oversight of a business that is HSBC's biggest profit
generator.
Mr. Wong, who held the top job in Asia for 11 years, has moved
to a nonexecutive role. He will serve as chairman of HSBC
Asia-Pacific, succeeding Laura Cha, who is also departing the board
of HSBC Holdings. Ms. Cha chairs the board of Hong Kong Exchanges
& Clearing Ltd.
Mr. Liao, who is in his late 40s, was most recently head of
global banking in the Asia-Pacific region, while Mr. Rosha, who is
in his early 50s, was the bank's top executive in India. Both are
veteran bankers who have worked at HSBC for more than two decades
each and held a variety of roles in investment banking, capital
markets and other areas. Mr. Liao also used to be president and CEO
of HSBC China.
The duo will be based in Hong Kong and report directly to HSBC
CEO Noel Quinn. They will also join HSBC's executive committee and
sit on the board of the Asia-Pacific business.
The leadership reshuffle comes at an important juncture for
HSBC, which has been caught up in geopolitical tensions between
China and the West and is pivoting its business to focus more on
customers in Hong Kong and mainland China.
The bank recently mapped out plans to exit most of its
unprofitable U.S. retail banking operations and has committed to
investing $6 billion into Asia over the next five years. It is
expanding in wealth management, international wholesale banking and
other activities in the region.
The region is a major profit center for HSBC, and also home to a
large proportion of the bank's total staff. In the first three
months of 2021, HSBC reported $3.76 billion of pretax profit in
Asia, compared with a bank-wide total of $5.78 billion. At the end
of 2020, HSBC had roughly 95,000 employees in its three biggest
locations in Asia -- India, Hong Kong and mainland China -- out of
a 226,000-strong global workforce.
In a message sent to staff in Asia on Monday, Mr. Wong
highlighted the region's growing importance to the bank. He said it
generated 53% of the bank's revenue last year, up from 27% in
2010.
The 69-year-old Mr. Wong will serve as an adviser to HSBC
Chairman Mark Tucker and Mr. Quinn, the bank said Monday.
HSBC, in a statement, thanked Mr. Wong and Ms. Cha for their
contributions to the bank. It said that under Mr. Wong's
leadership, revenue from Asia grew substantially even as markets
underwent rapid change.
Last June, as China's top lawmakers drafted national-security
legislation for Hong Kong to quell dissent in the restive city, Mr.
Wong was photographed signing a petition in support of the law at a
street booth. His action was seen as putting HSBC on Beijing's side
in its effort to tighten its grip on Hong Kong.
Mr. Wong and Mr. Liao have both taken up political roles in
mainland China, as members of the Chinese People's Political
Consultative Conference. Born in Hong Kong, Mr. Wong belongs to the
National Committee of the political advisory body, while Mr. Liao
is a member of its Beijing Municipal Committee, according to a
Beijing government website. The body is open to non-Communist Party
members.
Write to Elaine Yu at elaine.yu@wsj.com and Jing Yang at
Jing.Yang@wsj.com
(END) Dow Jones Newswires
June 07, 2021 09:13 ET (13:13 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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