SINGAPORE (THE BUSINESS TIMES) – HSBC will soon announce a new Singapore chief executive (CEO) to succeed Tony Cripps, who will be leaving for the Saudi British Bank (SABB), says an internal memo signed by the bank’s deputy chairman and chief executive Peter Wong and seen by The Business Times.

Mr Cripps is to be managing director-designate and board member of SABB from April 4. SABB, in which HSBC is the largest shareholder with a 31 per cent stake, disclosed his appointment in a Wednesday bourse filing.

In his internal note, Mr Wong said Mr Cripps’ successor will be announced “shortly”. He noted that as chief executive of HSBC’s Singapore business for the past four years, Mr Cripps oversaw the bank’s most recent three-year country strategic plan.

“Under Tony’s leadership, HSBC has increased its investment into the business including key people hires, strategic technology upgrades and proposition enhancement, which has resulted in strong underlying revenue growth for the franchise and the wider Asean business.”

The bank wants to further increase its capability and presence across the region, and Singapore is central to this, he added. HSBC will build on the “clear and focused strategy” that Mr Cripps developed.

“We thank Tony for his drive, passion and leadership within the Asia-Pacific, and wish him well in his new and strategically important role for the Group,” Mr Wong said.