HSBC today announced the promotion of Kevin Martin to chief operating officer in charge of the newly created global wealth and personal banking unit.

As part of a strategy overhaul, HSBC is planning to merge its private banking and retail wealth business to establish a new wealth and personal banking unit.

The new business, Wealth and Personal Banking, will be one of the world’s largest wealth managers with $1.4 trillion in assets, covering the spectrum of wealth needs from retail customers to ultra-high net worth clients.

Mr Martin has been head of Asia-Pacific retail banking and wealth management business ...