Effective immediately, HSBC has placed David Liao and Surendra Rosha in charge of its Asia Pacific division. The two new Co-CEOs take over from Peter Wong, who has announced his decision to retire and will transition to be the non-executive Chairman of HBAP.
As part of the move, Liao and Rosha will also be promoted to Group Managing Director and will join the HBAP Board as Executive Directors as well as the Group Executive Committee. The duo is based in Hong Kong and reports directly to Group Chief Executive Noel Quinn.
The bank stated that the Asia Pacific region will continue to be run as a single entity and that Liao and Rosha will share the reporting lines between them.
Prior to their new roles, Liao served as the Head of Global Banking Asia Pacific, while Rosha was the CEO of HSBC India.
In a joint statement, Liao and Rosha said: “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.”
The duo’s leadership will be crucial in the bank’s growth plans as it will invest $6 billion in Asia in the next 5 years as it looks to expand and diversify its presence across the region.
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