HSBC Holdings Plc will be naming a new head for its Singapore business after Tony Cripps was picked to run Saudi British Bank (SABB).
Cripps will replace Chief Executive Officer David Dew at SABB, who is retiring in May, according to a statement from the Saudi stock exchange on Wednesday. He has been CEO of Singapore for the past four years and previously led the bank in Australia and the Philippines.
Europe’s largest lender is preparing to announce the outcome of a strategic review next week, alongside its full-year results. The bank is mulling moving some of Chief Executive Noel Quinn’s direct reports to Asia, placing more top decision makers in the region where it makes the bulk of its money. HSBC is seeking to deploy more resources in Southeast Asia, where it has been struggling to compete with dominant players such as Singapore’s DBS Group Holdings Ltd. and Standard Chartered Plc.
“As you will have heard from Noel, HSBC wants to further increase its capability and presence across South Asia and Singapore is central to this drive and ambition,” Peter Wong, HSBC’s top executive in Asia, said in a memo. “A successor for Tony as CEO of HSBC Singapore will be announced shortly.”
HSBC has a stake of about 31% in SABB, one of Saudi Arabia’s largest banks.
