Rakesh Bhatia, currently chief executive officer (CEO) of HSBC Indonesia is taking over the post effective next year, replacing Lawrence Webb, who is retiring after 29 years with HSBC. Bhatia is moving back to Hong Kong for the high-profile appointment. Trade finance is a flagship commercial banking capability for HSBC and has grown more important because of shifting trade flows towards emerging markets.

 

Bhatia’s post in Indonesia will be assumed by Michael Young who is currently deputy chief executive officer and chief technology and services officer for HSBC Turkey.

 

Bhatia was instrumental in the acquisition of Bank Ekonomi last year, which has given HSBC a controlling interest in a well-run bank that is strong in the domestic SME and mass market segments. Indonesia is one of the bank’s six core markets in emerging Asia. He joined HSBC in 1987 and has worked in India, Bahrain, United Kingdom, Hong Kong, Singapore and Indonesia, with roles encompassing corporate and investment banking, personal financial services and group training. He was deputy CEO of HSBC Indonesia during 2002-2004, before becoming senior executive for strategy, propositions and channels for commercial banking Asia Pacific.  He then returned to Indonesia to take the helm as CEO in June 2007.

 

In April, the bank announced the appointment of Tony Turner as CEO of Bank Ekonomi, a 98.89% owned subsidiary of the HSBC Group.

 

Young joined HSBC in 1979 and has extensive emerging markets experience. He has worked in a wide variety of roles in countries spanning Asia, Latin America, the Middle East and North America. In his current position in Turkey he has overseen operations covering 336 branches and offices in 65 cities and 6,400 employees. Prior to that, his roles have included deputy CEO in Singapore and Argentina and country manager for Chile.