HSBC Appoints David Liao & Surendra Rosha as New APAC Co-CEOs, Peter Wong Retires
10th June | Hong Kong
HSBC, one of the world’s largest banking group with more than $2.95 trillion assets, has appointed David Liao & Surendra Rosha as the new HSBC Asia-Pacific Co-CEOs, with CEO APAC Peter Wong retiring after 11 years and becoming the non-executive Chairman of HSBC, replacing Laura Cha. David Liao was the HSBC Head of Global Banking Asia-Pacific and Surendra Rosha was the CEO of HSBC India prior to their appointment as new HSBC APAC Co-CEOs.
” HSBC Appoints David Liao & Surendra Rosha as New APAC Co-CEOs. Peter Wong Retires “
Peter Wong Retires after 11 Years at HSBC
Peter Wong had been HSBC CEO of Asia-Pacific since 2010. With his retirement after more than 11 years as CEO of HSBC APAC, he will become the new non-executive Chairman of Hongkong and Shanghai Banking Corporation, replacing Laura Cha.
Peter Wong will also serve as an adviser to HSBC Group Chairman Mark Tucker and Group CEO Noel Quinn.
David Liao & Surendra Rosha, HSBC New APAC Co-CEOs
David Liao has been with HSBC for 24 years, including taking on senior leadership roles as President and CEO of HSBC China and in April 2020, was appointed HSBC Regional Head of Global Banking Asia-Pacific.
Surendra Rosha had been in financial services for almost 30 years. He had joined HSBC in 1991 in India and in 2005, he became the Head of Global Markets in Indonesia. In 2007, he was transferred to Hong Kong to lead regional institutional sales in Asia-Pacific and became the Head of Financial Institutions Group for Asia-Pacific. In July 2018, he was appointed as CEO of HSBC India.
Together, they will jointly lead HSBC Asia-Pacific businesses and functions, embedding purpose, values and culture, developing leadership and talent and overseeing risk, capital and liquidity levels. Based in Hong Kong, both David and Rosha will join the HSBC Board as Directors and HSBC Group Executive Committee, and will report directly to HSBC Group Chief Executive Noel Quinn.
Hitendra Dave, New CEO of HSBC India
Hitendra Dave has been appointed as Interim CEO of HSBC India, taking over from Surendra Rosha. Hitendra Dave will be named as permanent CEO when full regulatory approval is received.
David Liao’s successor for the role of HSBC Regional Head of Global Banking Asia-Pacific will be announced in due course.
HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
HSBC wealth business in Asia is also growing fast with almost $800 billion or half of HSBC’s global $1.6 trillion wealth assets is in Asia. In 2021, HSBC in Asia is also on track to hire over 1,000 client-facing wealth management roles as part of HSBC’s strategy to become the leading wealth manager in Asia by 2025.
With HSBC’s strategy to become the leading wealth manager in Asia by 2025. In Q1 2021, HSBC set up a new onshore private banking business in Thailand and launched a dedicated Independent Asset Managers’ desk in Singapore to meet the needs of family offices and independent advisors managing wealth on behalf of their clients.
In May 2021, HSBC launched a new institutional family office service in Hong Kong and Singapore, providing family offices access to HSBC Investment Banking specialists, products and services.
In Mainland China, HSBC expanded their new mobile personal wealth planning service, HSBC Pinnacle, to 4 cities – Guangzhou, Hangzhou, Shanghai and Shenzhen, with 4 new products by HSBC Life China, including a market-first GBA unit-linked fund.
HSBC’s Global Markets also continues to build wealth solutions, increasingly on digital platforms for FX, Equities, Bonds, structured products and private placements for clients in Hong Kong, Mainland China, Malaysia and Singapore. HSBC Global Markets is also a leading provider of sustainable investments across asset classes, including Asia’s first RMB green certificates of deposit for retail investors in Hong Kong in Q1 2021.
- Asia contributed $1.2 billion to global profits, representing 2/3 of global WPB profits
- Wealth revenue grow to $1.5 billion
- Wealth balances in Asia grew to nearly half half of global $1.6 trillion wealth balances
- 80% of retail wealth sales in Asia-Pacific are conducted through digital channels
- HSBC Private Banking in Asia attracted $6.6 billion net new money (NNM)
- HSBC Asset Management in Asia attracted $3.3 billion net new money (NNM)
- HSBC Life generated Premium of $676 million
HSBC Group Chief Executive, Noel Quinn:
“I am very excited to have David and Rosha join the Group Executive Committee. Their 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. We are investing US$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.
I would also like to thank Peter for his extraordinary contribution to HSBC and for agreeing to continue to share his expertise as non-executive Chairman of Hongkong and Shanghai Banking Corporation
His leadership over the past 11 years has seen us grow our revenues in Asia substantially and build our lead in key sectors even as the markets underwent rapid change. I am also grateful to Laura Cha for her contribution to the Group and Hongkong and Shanghai Banking Corporation Boards over the past 16 years.”
HSBC New APAC Co-CEOs, David Liao and Surendra Rosha:
“We are taking over the helm of HSBC Asia Pacific at a very exciting time. We are investing in Asia’s dynamic markets and in our technology. This will generate unprecedented opportunities both for the bank and for our customers. We believe HSBC’s ability to help our customers navigate and capitalise on these developments within the region and beyond makes us the best partner for growth.”
HSBC ex-CEO APAC and non-Executive Chairman and Special Advisor, Peter Wong:
“It has been a tremendous honour to lead HSBC in the region and I am proud of the work we continue to do to open up a world of opportunities for our customers. Through it all, the unwavering focus on the needs of our customers and tight teamwork and collaboration have been central to our success and will ensure HSBC’s future growth.
I’m looking forward to taking up my new role as Hongkong and Shanghai Banking Corporation Chairman, and am proud to have David and Rosha drive the next phase of growth in the region.”
- HSBC & Nielsen Survey: 82% of China GBA Mainland Investors to Invest in Wealth Management Connect
- HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- HSBC, Citi and Standard Chartered to Add 6,600 Wealth & Private Banking Jobs in Asia
- HSBC Appoints Annabel Spring as Chief Executive of Global Private Banking
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2.95 trillion as at 31st March 2021, HSBC is one of the world’s largest banking and financial services organisations.