Jonathan Speight has stepped down from his position as HSBC's trade and supply chain head in Singapore to assume another more consultative role at the bank. He was replaced by Khuresh Faizullabhoy on June 8.
Details of Speight's new assignment are scant, but he will stay with the bank, likely in Singapore and within its trade and supply chain business. However, under the international programme that he is part of, HSBC can move him anywhere and to any position. The programme rotates executives to new positions within the bank every two to three years.
"My time is up," Speight said on his role as trade and supply chain head. He assumed the position in April 2007.
According to a bank spokesperson, Speight's new position will be "announced shortly".
During his two years as trade head, Speight was part of a regional expansion of HSBC's trade business. The expansion included the opening of Asia's first trade academy for corporates and a commercial banking centre for small- and medium-size enterprises, both in Singapore.
Faizullabhoy was previously head of commercial banking in Indonesia where he managed middle market, large domestic and international corporate client relationships. In his new position, Faizullabhoy will also oversee structured trade finance for Southeast Asia.
Faizullabhoy is not part of the same international programme as Speight.
Also joining the bank is Lawrence Yong, who takes up a position as director of trade and supply chain for HSBC Malaysia, replacing Vivek Gupta. Kuala Lumpur-based Yong joins from UOB where he was head of transaction banking for Malaysia.
"We are delighted to have [Yong and Faizullabhoy] on board," said Lawrence Webb, head of global trade and supply chain at HSBC. "Both are well respected professionals in the industry and have the necessary skills and expertise required to lead the development and growth of our businesses in Malaysia and Singapore, and the continued growth of our Asia-Pacific franchise extremely well."
Faizullabhoy reports to Gregory Zeeman, deputy chief executive officer and chief technology and services officer at HSBC Singapore. Yong reports to David Morton, head of commercial banking for HSBC Malaysia.
HSBC's global banking and markets business, which includes the trade and supply chain business, produced a record pre-tax profit in the first quarter, according to a management statement. In Malaysia, however, the bank reported a 3.7%, or M$1.1 billion ($310 million), decline in net loans, advances and financing, which was attributed to a fall in trade financing activities.