Peter Wong, the former Asia Pacific CEO of HSBC, is expected to keep his significant influence over the bank as he takes a non-executive chair role at the lender’s Asian business.

Although his position as the regional head has been succeeded by protege David Liao and the chief executive of its Indian business Surendra Rosha, he will keep living in Taipan House, HSBC’s top residence for its senior local executive on the Peak. He will also move his office from 34th floor to 40th floor of the bank’s headquarters in Central.

It was understood that his term of office as non-executive chairperson, replacing Laura Cha, will be three years but may be extended thereafter.

Poached from Standard Chartered in 2005, Wong took the helm at the region in 2010. It is believed that Wong, which the Financial Times described as an “indispensable elder statesman,” will have significant influence over the British-based bank given his links to Hong Kong’s business elite and the Chinese Communist Party.

Wong will likely remain as a defender of HSBC, which derives the vast majority of its profit from Asia, as tensions between China and the West show no sign of abating. The 69-year-old has come under fire from the U.S. after he broke silence and declared support for Beijing’s national security law for Hong Kong last year.

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