Patel, who runs HSBC Africa from Johannesburg, will become chief executive of global private banking in September, based “initially” in Geneva.

It is the second time the job has shifted location in less than a year.

Meares, who is retiring at the end of the year, moved from London to Hong Kong in 2010 in a step attributed by the bank to “the importance of Asia to HSBC and the potential business growth in the region.”

A source at the bank said the emphasis for the private bank remains emerging markets and that Patel’s location in Geneva may be temporary.

“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 Group Chief Executive Stuart Gulliver in a statement.

Patel, British and with 27 years’ service at HSBC, is a former head of the global investment banking division. Other previous posts include chairman of Emerging Europe and Africa. He was appointed a group general manager in 2000.

Meares, who has worked at the bank for more than 30 years, will focus on the Asian private banking business until he retires in December, HSBC said.

HSBC is undergoing $3.5 billion of cost cuts under Gulliver, who took the top job at the start of the year in the wake of a damaging boardroom struggle.

Gulliver said in May that much of what is saved will be reinvested in higher growth areas, with a target of $4 billion a year in additional revenue by winning business from wealthy customers.

HSBC’s private banking business in Geneva is reeling from an embarrassing data theft case in which details of thousands of client accounts stolen by a former employee have found their way into the hands of European tax authorities.

The information has prompted probes into the tax affairs of some HSBC Swiss account holders in a number of European jurisdictions, including the family of Emilio Botin, chairman of Spain’s Santander.