As part of a change at the top - the current CEO is stepping down, although he will remain at the bank - HSBC has split the roles of chief executive between two of its most senior figures in the region.

HSBC has appointed David Liao and Surendra Rosha as co-chief executives for its Asia-Pacific business with immediate effect, taking over from Peter Wong .

Liao, formerly head of global banking for Asia-Pacific, and Rosha, formerly CEO of HSBC India, will share pan-regional leadership responsibilities.

The duo 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 CEO.

The bank said that the Asia-Pacific 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 The Hongkong and Shanghai Banking Corporation (HBAP), replacing Laura Cha, who has also stepped down as non-executive director of HSBC Holdings. He will also serve as an advisor to group chairman Mark Tucker and 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 $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,” Quinn said.

“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 HBAP. 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 HBAP boards over the past 16 years,” Quinn added. 

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