HSBC appoints Rakesh Bhatia Global Head of Trade and Supply Chain

Michael Young to succeed current Bhatia’s role as lender’s Country Head and CEO in Indonesia.

HSBC has appointed Michael Young as the new Country Head and CEO of The Hongkong and Shanghai Banking Corporation Limited in Indonesia, pending regulatory approval. Currently Deputy Chief Executive Officer and Chief Technology and Services Officer for HSBC Turkey, he will succeed Rakesh Bhatia, who will move back to Hong Kong to take up the appointment of Global Head of Trade and Supply Chain on 1 January 2011. Mr Bhatia replaces Lawrence Webb, who has retired from HSBC after 29 years with the Group, according to an HSBC report.

Peter Wong, CEO of The Hongkong and Shanghai Banking Corporation Limited, said “Rakesh 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. We look forward to Rakesh’s return to Hong Kong to head up our flagship commercial banking capability as Global Head of Trade and Supply Chain, a business of increasing importance given the shifting trade flows towards emerging markets.

“We also welcome Mike back to the Asia Pacific region. Mike will be focused on ensuring that we meet the Group’s expectations of Indonesia as one of our six core markets in emerging Asia.”

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

Mr Bhatia 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 and was instrumental in the Group’s successful acquisition of Bank Ekonomi last year.

Mr 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.