Global bank HSBC has appointed a Shanghai native to its board, in a rare move that it says will strengthen “oversight” of the Hong Kong and mainland Chinese markets.

Rachel Duan, 51, comes from General Electric and will become HSBC’s new independent non-executive director, a filing with the Hong Kong Stock Exchange shows.

Born in Shanghai, Duan was in 2018 included on the Forbes list of the top 100 businesswomen in China. She would be the first HSBC board member with a mainland Chinese background, Apple Daily suggested. The bank has historically appointed various Hong Kong businesspeople to the board, including tycoon Li Ka-shing.

“Rachel is an exceptional candidate. I am absolutely delighted to welcome her to the board,” HSBC’s board chair Mark Tucker said. “She has extensive knowledge and experience of operating in two of HSBC’s most strategically important markets — Hong Kong and mainland China. Her knowledge and experience will further strengthen the board’s discussions and oversight.”

Duan was educated at Shanghai International Studies University before obtaining a master’s degree at the University of Wisconsin-Madison.

The corporate high-flier most recently served as GE’s senior vice president, and president and chief executive of its global markets, HSBC said. She was responsible for driving GE’s growth in China, the Asia-Pacific, India, the Middle East, Africa and Latin America. Duan is currently also an independent non-executive director of pharmaceutical company Sanofi and insurance firm AXA.

Meanwhile, the bank also announced that Henri de Castries and Heidi Miller would retire from the board in May. Miller will at the same time step down from her role as chair of the subsidiary HSBC North America Holdings Inc. Her successor is Jamie Forese.

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