HSBC has appointed Mukhtar Hussain, currently Chief Executive of HSBC in Malaysia, to the newly created role of Head of Belt & Road Initiative (BRI), Asia Pacific, with effect from July 1 2018.

In this new role, Hussain will spearhead key initiatives and relationships to grow the Group’s Asian BRI business and drive collaboration across HSBC’s global businesses and international footprint.

Deputy Chairman and Chief Executive of The Hongkong and Shanghai Banking Corporation Limited Peter Wong said: “We are the leading international bank in Malaysia and under Mukhtar’s leadership in the past eight years, we have successfully implemented a country growth strategy as well as supported clients with opportunities across BRI and ASEAN. This makes him the ideal person to lead the next phase of our BRI strategy and growth plan.”

Hussain first joined HSBC in 1982 and, during his 36 years with HSBC, has worked in a number of businesses and geographies including the UK, the Middle East and North Africa. In his most recent roles, he was the Deputy Chairman HSBC Bank Middle East Limited and Global Chief Executive Officer of HSBC Amanah. He was also the Chief Executive Officer, Global Banking and Markets for Middle East and North Africa, and then Chief Executive Officer for HSBC’s businesses in Malaysia since 2009.

Hussain will move to Hong Kong to take on his new position and will continue reporting to Peter Wong. An announcement regarding his successor will be made soon.