HSBC has appointed Patrick Boumalham to lead its global wealth sales, unit which is a part of the bank’s marketing arm, Reuters has reported.

The appointed is set to become effective next month, stated the news agency citing an internal memo of HSBC.

A spokesperson from the bank has also verified the news to Reuters.

Boumalham will succeed Antony Shaw, who has been named as the CEO of the lender’s Australian unit two weeks back.

With the appointment, Boumalham will perform additional duties as head of wealth sales for HSBC’s Asia Pacific division. However, he will continue to operate from Singapore.

Boumalham will report to the bank’s global head of institutional sales and joint-head of securities services Allegra Berman, and to HSBC ASEAN markets and securities services head Sridhar Narayan, respectively.

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In addition, HSBC has elevated its present co-head of Credit Sales unit in Asia Pacific, Wan Sze Loh, to look after institutional sales for the region.

This appointment is also anticipated to come into effect next month, stated the Reuters report citing the memo.

To be based in Hong Kong, Loh will report to Berman. He will also report to HSBC’s markets & securities services global head of emerging markets, Japan and Australia Monish Tahilramani.

In June this year, HSBC named Gabriel Castello to lead the private banking unit in the EMEA region.