HSBC Appoints Hitendra Dave as CEO of India business

HSBC Appoints Hitendra Dave as CEO of India business

The international banking and financial services has announced the appointment of Hitendra Dave as the Chief Executive Officer (CEO) of HSBC’s India operation.

Hitendra appointment is subject to regulatory approval and till then he will work as interim CEO effective 7 June. Dave succeeds Surendra Rosha who, after three years, is moving to Hong Kong as the Co-Chief Executive of HSBC, Asia-Pacific.

Hitendra has served as the Managing Director and head of Global Banking & Markets of HSBC India, one of the key contributors to the company’s profits in the country. He joined HSBC in 2001 in the global markets business and rose through the ranks.

He is an associate 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.

In the 2020 fiscal, HSBC India evolved as the third largest contributor to the group’s profits.

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.

HSBC India reported a profit before tax of $1.024 billion for FY 2020.