Foreign lender HSBC on Monday introduced the appointment of financial institution veteran Hitendra Dave as its new chief government for India.
Dave, who had been heading the biggest revenue contributing phase of worldwide banking and markets, succeeds Surendra Rosha, as per an official assertion.
Rosha is shifting to Hong Kong because the co-chief government of HSBC Asia-Pacific, it added.
India is the third-largest revenue contributor for the HSBC Group after Hong Kong and mainland China and delivered a pre-tax revenue of USD 1.024 billion in 2020.
The financial institution has 26 branches in 14 Indian cities and employs 39,000 folks, together with these in back-offices serving to its world operations.
Dave, who has been with the financial institution since 2001 and risen by the ranks, might be appointed because the chief government of HSBC India on regulatory approval and function the interim CEO from Monday, the assertion mentioned.
“I cannot think of a more qualified person to take over the mantle of leadership at HSBC India. We have a clear strategy and investment commitment from the (HSBC) group. I am confident that under Dave’s leadership we will maximise the opportunity that lies ahead,” Rosha mentioned.
The world banking and market phase, which the financial institution defines as an rising markets-led, financing-focused enterprise offering funding and monetary options, contributed greater than half of the pre-tax income at USD 593 million in 2020, up from USD 533 million in 2019.
Dave had served because the interim CEO of the financial institution earlier as properly, earlier than Rosha’s appointment.
