Chief executive, Nicolas Moreau, is one of four top executives making the same move, including Nuno Matos, chief executive of wealth and personal banking, to whom Moreau will continue to report.

Moreau joined HSBC in the summer of 2019 having previously served as the chief executive of DWS. He will take up the Hong Kong role in the second half of the year.

The relocations were signposted earlier in the year when chief executive Noel Quinn announced plans to focus more on the Asian market which accounted for 59% of HSBC’s operating income in 2020.

In addition to relocating its top executives, HSBC also plans to redeploy US$100 billion of capital to Asia, the majority of which will be invested in China, Hong Kong and Singapore.