HSBC Holdings Plc, the British bank that earns the largest share of its revenue from Asia, has promoted Rajeev Sahney to head Asia-Pacific advisory and corporates, people familiar with the matter said.
Sahney, who was previously global head of consumer and retail investment banking, will remain in Hong Kong and advise on transactions across sectors, the people said, asking not to be named as the details aren’t public.
Jason Rynbeck, who was previously head of mergers and acquisitions for the region, has been named the Asia-Pacific chairman for that business and vice chairman of global banking, the people said.
Sahney, who joined HSBC in 2009 from Citigroup Inc., has advised on deals including:
Alibaba Group Holding Ltd.’s purchase of a stake in Chinese hypermarket operator Sun Art Retail Group Ltd. Casino Guichard Perrachon SA’s sale of its controlling interest in Thai grocery chain Big C Supercenter Pcl Tesco Plc’s sale of its South Korean business
HSBC’s head of Southeast Asia M&A, Ee Beng Soh, is planning to leave the bank, according to people familiar with the matter. Singapore-based Soh told the firm in the past month of his intention to depart, the people said. He previously did stints as head of Singapore investment banking at Rothschild and BNP Paribas, his LinkedIn profile shows.
A representative for HSBC declined to comment on the moves.
HSBC has pledged to shift more than $100 billion of capital and boost operations in China as part of its so-called pivot to Asia. The bank last month appointed Mukhtar Hussain, who was chief executive of Malaysian operations, to a newly created role as head of the bank’s Belt and Road Initiative for the Asia-Pacific region, to tap opportunities stemming from Chinese President Xi Jinping’s infrastructure program.