Global banking major and foreign lender HSBC have announced the elevation of top bank veteran Hitendra Dave as its new chief executive for India. Dave, who was heading the company's largest profit contributing segment of global banking and markets, will succeed Surendra Rosha, the company said in an official statement.
According to the company, Rosha is moving to Hong Kong as the co-chief executive of HSBC Asia-Pacific. At present 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 about 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 company said. Dave had earlier briefly served as the interim CEO of the bank earlier as well, before Rosha's appointment.
Reacting to Dave's elevation, incumbent HSBC CEO Rosha 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 maximize the opportunity that lies ahead.”
The global banking and market segment, which the bank defines as an emerging markets-led, financing-focused business providing investment and financial solutions, contributed more than half of the pre-tax profits at $593 million in 2020, up from $533 million in 2019.