HSBC has appointed a new head of its China operations, marking the latest top personnel change in the country following a row with Beijing and the departure of its greater China head, reported the Financial Times.
Mark Wang, who currently leads HSBC’s investment bank in China, will become its president and chief executive in the country, the London-based bank said on Wednesday. David Liao, who has served as chief executive in China for several years, will leave the role to take up another senior position within the bank, according to an announcement.
China is one of HSBC’s most important markets in Asia, where it derives about 80% of its earnings. It is among the largest foreign banks in the country and past chief executives have dedicated the group to expansion there.
HSBC came under fire in China last year after the bank provided information that helped US prosecutors build a case against Huawei executive Meng Wanzhou for alleged business dealings with Iran, in contravention of US sanctions.