HSBC Singapore has appointed Mukhtar Hussain as its chairman and director, as the bank mounts an aggressive push to tap the burgeoning wealth in Asia and looks to deepen Singapore’s role as a partner in the Belt and Road Initiative.
Hussain, a HSBC veteran who joined in 1982, has been the head of Belt and Road Initiative (BRI) for HSBC Asia Pacific starting since April 2018. Prior to that, he was chief executive officer for HSBC’s businesses in Malaysia – a role he held since 2009.
He succeeds director and chairman Guy Harvey-Samuel who will be stepping down.
“On the consumer banking side, we will be able to draw upon his deep regional knowledge to provide effective oversight of our strategy to capture the personal wealth that is flowing from Asean markets into Singapore.
“On the institutional side, his role in spearheading HSBC’s regional activity in support of BRI will be invaluable in advising Singapore on how it can further position itself as a strategic partner of this multi-decade investment programme,” Tony Cripps, HSBC’s chief executive for Singapore, said in a statement.
Chinese President Xi Jinping is promoting his Belt and Road trade-and-infrastructure program in a bid to expand the nation’s influence abroad. The move provides opportunities for banks including HSBC, which has pledged to shift more than $100bn of capital and boost operations in China as part of its so-called pivot to Asia.
“I hope that my experience across HSBC, first-hand knowledge of Asean, and involvement in key strategic themes for the region and the bank will be able to help steer the strategic direction of the bank in future,” Hussain said: