Dave to be HSBC’S India chief, Rosha to co-head Asia-pacific

DAVE WILL BE APPOINTED AS THE CHIEF EXECUTIVE ON REGULATORY APPROVAL AND SERVE AS THE INTERIM CEO FROM MONDAY

MUMBAI: Foreign lender HSBC on Monday announced the appointment of bank veteran Hitendra Dave as its new chief executive (CEO) for India.

Dave, who had been heading the largest profit contributing segment of global banking and markets, succeeds Surendra Rosha, as per an official statement.

Rosha is moving to Hong Kong as the co-chief executive of HSBC Asia-pacific, it added.

India is the third-largest profit contributor for the HSBC Group after Hong Kong and mainland China and delivered a pre-tax profit of $1.024 billion in 2020. The bank has 26 branches in 14 Indian cities and employs 39,000 people, including those in back-offices helping its global operations.

Dave, who has been with the bank since 2001 and risen through the ranks, will be appointed as the chief executive of HSBC India on regulatory approval and serve as the interim CEO from Monday, the statement said.

“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 said.

He is a member of various advisory committees, contributing to the development of the bond market in India as a regular member of Reserve Bank of India (RBI) committees.

HSBC India was the third largest contributor to the group’s profits in fiscal 2020.

With Citibank closing its retail business in India, HSBC is expected to gain in market share, and therefore, could turn out to be a bigger contributor to the group’s profitability at a global scale.

The global banking and market segment contributed more than half of the pre-tax profits at $593 million in 2020, up from $533 million in 2019.