HSBC has appointed senior manager Alex Hungate as the new chief executive of its Singapore business.

Hungate is currently the bank's global head of personal financial services and marketing. He assumes his new role on 1 September 2010, taking over from Guy Harvey-Samuel, who has been named head of international Asia Pacific in Hong Kong, the bank said in a statement.

Singapore has been posting record economic growth since the start of the year, with the affluent group posting an average of $183,145 in liquid assets, the latest HSBC Affluent Asian Tracker survey reveals.