Terence Chiu has been appointed head of commercial banking in Hong Kong with effect from July 1 2017, succeeding Albert Chan who is retiring after 40 years of service with the HSBC Group.

In his new role, Chiu will report to Stuart Tait, regional head of commercial banking, Asia Pacific, and join the Hong Kong executive committee. Fang will report functionally to Tait and on an entity level of David Liao, president and chief executive HSBC China.

Frank Fang will succeed Chiu as head of commercial banking in mainland China. Fang has a mandate to further develop HSBC’s leading international commercial banking franchise in mainland China. He will be based in Shanghai.