HSBC has announced that HSBC Bank Malta Chief Executive Alan Richards is to be appointed HSBC’s Chief Executive Officer for Indonesia. The appointment is subject to regulatory approvals.

Mr Richards, who has been CEO in Malta since 2008, will be succeeded by Mark Watkinson, subject to regulatory approvals.

Mr Watkinson is currently Head of Commercial Banking for North America based in New York. Mr Watkinson has worked for HSBC for 26 years. In the past five years, Mr Watkinson has worked in New York, in Toronto as Head of Commercial Banking for HSBC Canada and in Manila as President and Chief Executive Officer for HSBC Bank in the Philippines.

Mr Richards will take up his new position based in Jakarta at the beginning of the new year and will be handing over responsibilities in Malta to Mr Watkinson in the coming weeks.

HSBC Bank Malta plc Chairman Albert Mizzi commented: “On behalf of the shareholders, staff and the wider community I would like to thank Alan for his outstanding contribution to HSBC in Malta since he arrived in 2008. He has done a fantastic job in difficult circumstances. He leaves the bank in excellent shape and moreover has played a critical role in ensuring the local economy has continued to prosper in spite of the well-documented financial crisis. We look forward to welcoming Mark to Malta and we wish Alan and his family every success in their move to Jakarta.”