PETALING JAYA: HSBC Bank has appointed Omar Siddiq (pic) as its new chief executive officer (CEO) for Malaysia.

       Omar will succeed Stuart Milne(pi below), who will retire end of March 2022 after a 40-year career with the HSBC Group, the UK lender said in a statement yesterday.

       Omar was most recently deputy CEO, Malaysia and CEO, Group Wholesale Banking, at CIMB Group Holdings Bhd.

       Prior to joining CIMB, he was the head of Group Wholesale Banking at RHB Bank Bhd and was also the former executive director and group chief financial officer at Malaysia Airlines.

       He has also held roles in the Investments Division at Khazanah Nasional Bhd and was a member of the senior management team focusing on the aviation and airport sectors.

       “We welcome Omar into his role as the CEO for HSBC Bank Malaysia to lead us in our next phase of growth.

       HSBC Malaysia Stuart milne

       “Malaysia presents huge opportunities across some of HSBC’s key strategic focus areas – growth in Asean, sustainable finance and digital innovation.

       “Omar’s extensive experience and in-depth knowledge of the local market will be invaluable as we strengthen our Malaysian operations to support the group’s Asian growth ambitions,” commented Surendra Rosha, co-chief executive of HSBC Asia Pacific.

       Omar is reportedly the first Malaysian to run the local HSBC unit.

       “Carrying on its strong heritage and track record in serving Malaysian clients, I look forward to working alongside the management team and also the boards to build on the current momentum to fulfil its even greater potential,” said Omar on his appointment.

       HSBC’s presence in Malaysia dates back to 1884 when it set up its office in Penang, according to its website.

       The unit operates more than 60 branches and employs over 4,000 people in the South-East Asian nation.

       The UK lender’s local unit has the distinction of being the first to be given a licence to operate a takaful, or Islamic insurance business, and the first locally incorporated foreign bank to be awarded an Islamic banking subsidiary licence in Malaysia, its website shows.

       Omar will report to Surendra. He will also join the boards of HSBC Bank Malaysia Bhd and HSBC Amanah Malaysia Bhd as an executive director, as well as a member of the Asia Pacific Executive Committee.

       Separately, CIMB, in a statement, reiterated that the group has a strong wholesale bank franchise and leadership bench and has activated its selection and transition planning process.

       In the interim, CIMB’s Group Wholesale Banking business will be directly overseen by Datuk Abdul Rahman Ahmad, group CEO of CIMB Group.