HSBC appoints new SAR CEO

In HSBC's plan to develop more business in Hong Kong Mark McCombe was assigned to take over as region's CEO.

In a report in The Standard, McCombe, global chief executive of HSBC global asset management, will take up the new position of HSBC Hong Kong chief executive in February, according to an internal circular.

"McCombe is expected to take over some of the responsibilities of HSBC Asia-Pacific executive director Peter Wong Tung-shun, who will become Asia-Pacific chief executive" in February, a source said.

McCombe, 43, who took up his current position in March 2007, is also a group general manager. He joined HSBC in 1987.

He spent six years in Hong Kong in the 1990s working on business development and helping large corporations arrange property and construction loans.