Tony Cripps, the CEO of HSBC Singapore, is to leave his post to run the partially HSBC-owned Saudi British Bank (SABB).
Cripps is to replace David Dew currently CEO at SABB, who is retiring in May.
Cripps has led HSBC Singapore since 2017, and before that ran the British bank's operations in the Philippines and Australia.
We thank Tony for his drive, passion and leadership within the Asia-Pacific, and wish him well in his new and strategically important role for the group."
According to the Business Times, HSBC Singapore's chairman, Peter Wong, wrote in an internal memo: ""As you will have heard from Noel [Quinn, HSBC Group CEO], HSBC wants to further increase its capability and presence across South Asia and Singapore is central to this drive and ambition."
He added: "Under Tony's leadership, HSBC has increased its investment into the business, including key people hires, strategic technology upgrades and proposition enhancement, which has resulted in strong underlying revenue growth for the franchise and the wider Asean business."
"We thank Tony for his drive, passion and leadership within the Asia-Pacific, and wish him well in his new and strategically important role for the group," Wong said.
"A successor for Tony as CEO of HSBC Singapore will be announced shortly," Wong wrote.
SABB has its roots in the British Bank of the Middle East which was acquired by HSBC in 1959. Today HSBC is the largest shareholder in SABB, with a 31% shareholding. SABB is one of the top 3 banks operating in Saudi Arabia.