HSBC moving chief executive to Hong Kong

LONDON: HSBC is moving its chief executive officer to Hong Kong to lead its focus on emerging markets, the bank said Friday.

Group Chief Executive Michael Geoghegan will be based in Hong Kong from Feb 1, the bank said, though HSBC Holdings PLC and the group chairman will remain in Britain.

"Based in London, where we are domiciled and regulated, I will oversee the stewardship of our business and our globally strategic relationships with governments, regulators and with our owners," said Group Chairman Stephen Green.

"Based in Hong Kong, Mike will drive the continued development of our business and oversee the executive management team."

HSBC was founded in Hong Kong and Shanghai in 1865. Geoghegan said Asia is HSBC's "largest and most important region."