HSBC has named Greg Hingston as the regional head for Asia-Pacific of its recently introduced Wealth and Personal Banking (WPB) unit.

WPB was formed following the consolidation of HSBC’s retail banking, wealth management, and global private banking units. The combined entity has $1.4trn in assets.

Hingston will assume the new responsibility next month.

His recruitment in the new role comes close on the heels of the appointment of Mark Yunfeng Wang as the China CEO of HSBC.

At present, Hingston leads HSBC’s wealth and personal banking business in Hong Kong.

A veteran of HSBC working at the bank since 2006, Hingston formerly served as the global head of strategy for retail banking and wealth management.

He also worked as HSBC’s head of customer value management and head of international at RBWM Europe, as well as regional head of retail banking for EMEA.

HSBC CEO of wealth and personal banking Charlie Nunn said: “As head of our retail business in Hong Kong, Greg was instrumental in driving growth and evolving customer experience.

“Under Greg’s leadership, we’ll continue to capture market share and grow with our customers across Asia, particularly in the Greater Bay Area and ASEAN.”

The 2019 performance of HSBC was dismal, with profit before tax slumping 33% year-on-year to $13.3bn.

In Q4 2019, the bank posted a pre-tax loss of $3.9bn, due to a goodwill impairment of $7.3bn.

The bank also plans to lay off 35,000 jobs as part of a revamp.