HSBC announces that David Liao and Surendra Rosha have been appointed Co-Chief Executives of HSBC Asia Pacific, taking over from Peter Wong with immediate effect.

David, formerly Head of Global Banking Asia Pacific, and Surendra (known widely by his last name, 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.

David and Rosha will be promoted to Group Managing Director 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. David and Rosha will share the reporting lines for the markets in Asia Pacific between them.

Peter 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.

Hitendra Dave has been appointed as Interim CEO of HSBC India, effective today, and he will be named as permanent CEO when full regulatory approval is received. David Liao’s successor will be announced in due course.