SINGAPORE - HSBC Bank (Singapore) has appointed Mukhtar Hussain as its chairman and director effective Oct 17, as the locally incorporated arm of The Hongkong and Shanghai Banking Corporation seeks to capture Asean business and deepen Singapore's role as a partner in the Belt and Road Initiative.
Mr 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.
Tony Cripps, HSBC's chief executive officer for Singapore, said in a statement announcing the appointment: "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."
Mr Cripps also said that Mr Hussain's appointment will help boost HSBC Singapore's recently announced three-year country strategic plan, which involves supporting South-east Asia's rising wealth and digital consumption, infrastructure and sustainable finance activity in Asean, the growing trade and investment flows moving to the region and supporting Singapore as a hub for Asean SMEs and corporates.
Mr Hussain said: "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."