The Private Wealth Solutions business had formerly been led by Declan Sheehan since 2006. Mr Sheehan is moving to concentrate exclusively on his regional role as chief executive of HSBC Private Bank in the UK & Channel Islands, a position he took up in March 2007, and Mr Rennell’s appointment forms part of this transition, the bank said in a statement.

In his new role, Mr Rennell is based in Hong Kong, the location of HSBC Private Bank’s largest Private Wealth Solutions operation, and reports to Chris Meares, chief executive of HSBC Private Bank.

“Bernard’s appointment reflects the importance of Private Wealth Solutions as a key to HSBC's long term relationships with families over many generations,” said Mr Meares.

Mr Rennell joined HSBC Private Bank in 2004 as head of Private Wealth Solutions, Asia, following the acquisition of Bank of Bermuda. Mr Rennell was formerly Asia Pacific head of Bank of Bermuda’s Private Wealth Services division.

In other developments, last week HSBC Private Bank (Suisse) cut around 40 jobs in Zurich and closed its back office in the Swiss town, centralising its activities in Geneva. Those employees affected will be offered employment in Geneva, Swiss media reports said.

HSBC’s private banking entities operate across 43 countries in Europe, the Americas, the Asia Pacific region, the Middle East and Africa and had a combined $433 billion in client assets under management at the end of 2008. The bank's Private Wealth Solutions arm has a headcount of around 900 employees.