HSBC Hires CIMB’s Omar Siddiq as CEO of Malaysian Unit

HSBC Holdings Plc has hired Omar Siddiq from CIMB Group Holdings Bhd. to head its Malaysian unit, according to people with knowledge of the matter.

The head of CIMB Group’s wholesale banking division and deputy chief executive officer of CIMB’s Malaysia business will join the U.K. lender after serving a gardening leave period, said the people, who asked not to be identified as the information is private. Omar will become the first Malaysian to run the local HSBC unit, one of the people said.

He will replace HSBC’s current Malaysia CEO, Stuart Milne, who is retiring, the person said.

Omar has been with Malaysia’s third-biggest bank for more than three years, following stints at RHB Bank Bhd., Malaysia Airlines Bhd. and the country’s sovereign wealth fund Khazanah Nasional Bhd., according to his LinkedIn profile.

Representatives for CIMB, HSBC and Omar didn’t immediately respond to requests for comment.

HSBC’s presence in Malaysia dates back to 1884 when it set up its office in Penang, according to its website. The unit operates more than 60 branches and employs over 4,000 people in the Southeast Asian nation.

The U.K. lender’s local unit has the distinction of being the first to be given a license to operate a takaful, or Islamic insurance business, and the first locally incorporated foreign bank to be awarded an Islamic banking subsidiary license in Malaysia, its website shows. –BLOOMBERG