HSBC on Monday announced outgoing Asia Pacific Chief Executive Officer Peter Wong would be replaced by two co-heads to manage the bank’s key business in the region as it pulls back from other global markets.

Wong, 70, will be replaced by protege David Liao, with the bank’s India CEO Surendra Rosha taking the other co-head position. The appointments begin immediately, the UK-based bank that earns most of its profit in Asia said in a statement.

“We are investing US$6 billion in Asia in the next five years and David and Rosha will lead this next phase of our Asia strategy,” group CEO Noel Quinn said.

Replacing non-executive director Laura Cha, Wong will take a non-executive chair role at the lender’s Asian business and serve as an adviser to HSBC chairperson Mark Tucker and Quinn.

The replacement comes in the face of dwindling revenues in North America and Europe and as the bank seeks to deepen its operations across Asia, where it has also encountered fierce competition from smaller rivals Standard Chartered and Singapore-based DBS Group. According to Bloomberg News, it is to expand into private banking in Thailand.

Quinn, however, stressed that the appointment of Rosha had nothing to do with the global situation nor the deteriorating relations between China and India.

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