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HSBC chief moving to Hong Kong from London

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(CNN) -- In a sign of the growing importance of the Asian economies, HSBC announced that Michael Geoghegan, the group chief executive, will move from London to Hong Kong next year.

It's a back-to-the-future move for the bank, which was founded in Hong Kong and Shanghai in 1865. HSBC's headquarters moved to London in 1993.

The company will still be legally based in the U.K., Sandy Flockhart, CEO of HSBC Asia, told CNN.

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The move is part of the company's shift of focus into emerging markets. "That's where the demographics, that's where the growth will be for the next 50 years," Flockhart said.

The move will take affect in February 2010.

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