HSBC has promoted Peter Wong as chairman of its subsidiary HSBC Bank China, to succeed Vincent Cheng who is retiring.

Wong, who joined HSBC in 2005, is currently HSBC's chief executive for the Asia Pacific region. He will continue this role as well as his new duties. He has around 30 years experience in banking. 

"China is the growth engine of the global economy and a key focus of our emerging markets strategy. We will continue to leverage our strong brand to build on our position as the leading international bank in China," Wong said in a statement.

HSBC has been recruiting aggressively in China, where the millionaire population grew by 12 per cent last year. Last week the bank's global asset management arm promoted Bill Maldonado as chief investment officer, Asia Pacific. 

Meanwhile the private bank has also been investing heavily in the region. Earlier this month it hired veteran private banker Lionel Kwok from Standard Chartered Private Bank to lead its investment counselling unit in Asia. In June, the company promoted Chris Marquis to managing director of its private wealth solutions business in Hong Kong. Also, starting 11 July, Simon Williams will join as group head of wealth management based in Hong Kong. Williams is the chairman and chief executive of US financial services firm Camelot Financial Capital Management.