HONG KONG - Banking giant HSBC on Friday announced the appointment of Krishna Patel as Chief Executive of Global Private Banking. Patel, currently CEO of HSBC Africa and one of HSBC's most experienced executives, will start his new role on September 1.

Patel will initially be based in Geneva, Switzerland, and will report to HSBC Group Chief Executive Stuart Gulliver, the lender said in a statement.

Patel succeeds Chris Meares who will focus on HSBC's Asian private banking business until he retires on December this year.

In his new position, Patel will focus on strengthening HSBC's competitive advantages in the largest and fastest-growing wealth markets, working with other HSBC businesses to ensure the delivery of the bank's full suite of world-class products to private banking clients.

He will also continue to Chair HSBC's Values Committee and take up the new role of Chairman of HSBC Africa.

"With his strong emerging markets background, he is perfectly placed to build on the success Global Private Banking has achieved in the faster growing markets," said Gulliver.

Patel has been with HSBC for 27 years, serving in a number of senior positions. He has previously been Chairman and Chief Executive of HSBC's Global Investment Banking division and Chairman of Emerging Europe and Africa.

He was appointed a Group General Manager in 2000.