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HSBC names Asia-Pacific co-chief executives
David Liao, Surendra Rosha share pan-regional leadership responsibilities
7 Jun 2021 | The Asset

HSBC has named David Liao and Surendra Rosha as co-chief executives of HSBC Asia-Pacific, taking over, with immediate effect, from Peter Wong, who retires as Asia-Pacific CEO and becomes non-executive chairman of the Hongkong and Shanghai Banking Corporation (HBAP).

Liao, formerly head of global banking Asia-Pacific, and Rosha, formerly CEO of HSBC India, will share pan-regional leadership responsibilities that include jointly leading regional businesses and functions, embedding purpose, values and culture, developing leadership and talent, and overseeing risk, capital and liquidity levels.

Liao and Rosha will be promoted to group managing directors and will join the HBAP board as executive directors. They will be based in Hong Kong, reporting directly to Noel Quinn, group chief executive and will join the group executive committee.

The region will continue to be run as a single entity, jointly managed. Liao and Rosha will share the reporting lines for the markets in Asia-Pacific between them.

Wong will step into the role of non-executive chairman of HBAP, replacing Laura Cha, who has also stepped down as non-executive director of HSBC Holdings. He will also serve as an adviser to group chairman Mark Tucker and group CEO Noel Quinn.

“[Liao and Rosha’s] collective experience of our markets across Asia-Pacific, together with their combined knowledge of the bank and our customers, mean they are ideally placed to grow the business,” Quinn says. “We are investing US$6 billion in Asia in the next 5 years, and they 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.”