HSBC Replaces Top Executive in Asia

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HONG KONG— HSBC Holdings PLC on Monday said its Asia-Pacific Chief Executive Peter Wong is retiring and it has appointed two veteran bankers to take over the running of its business in the region.

The London-headquartered banking giant named David Liao and Surendra Rosha as Asia-Pacific co-CEOs with immediate effect, giving them oversight of a business that is HSBC ’s biggest profit generator.

Mr. Wong has moved to a nonexecutive role. He will serve as chairman of HSBC Asia-Pacific, replacing Laura Cha, who is also departing the board of HSBC Holdings. Ms. Cha chairs the board of Hong Kong Exchanges & Clearing Ltd.

Write to Elaine Yu at elaine.yu@wsj.com

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