Veteran HSBC manager Krishna Patel has been named chief executive of global private banking at the UK-listed firm, taking up the role on 1 September and moving into the post to be vacated by Chris Meares, who is retiring.

Patel is currently CEO of HSBC Africa. He will initially be based in Geneva and report to Stuart Gulliver, group CEO, the bank said in a statement today.

In his role, Patel 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,” Gulliver said.

The move, and Gulliver’s remarks, highlight how emerging markets – such as in Asia-Pacific – are a key business growth area for the bank, which is also listed in Hong Kong.

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.

Patel succeeds Chris Meares who will focus on HSBC’s Asian private banking business until he retires on 31 December. Meares has been with the group for more than 30 years, initially working in retail and commercial banking before joining the strategy team. Meares moved into private banking in 2000 and was appointed a group general manager and CEO of global private banking in 2006.