HSBC reshuffle sees Kidwai as deputy CEO

By SiliconIndia   |   Friday, 21 May 2004, 07:00 Hrs   |    1 Comments
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MUMBAI: A reshuffle at the top at Hongkong and Shanghai Banking Corporation Limited (HSBC) has resulted in Naina Lal Kidwai, vice chairman and managing director, HSBC Securities and Capital Markets India Pvt Ltd, the bank's investment banking arm, becoming deputy to Niall SK Booker, group general manager & CEO for HSBC India.

With immediate effect, Kidwai will hold additional charge as deputy CEO of the bank. She will continue in her present capacity at HSBC Securities and Capital Markets.

HSBC today announced a major top level reshuffle after it chose to draw on internal talent within the global bank to fill posts. Simen Munter, deputy CEO of HSBC in Turkey, will take up the post of chief operating officer (COO) in India, a post which was earlier held by Sanjay Basin. Basin left the foreign bank to join Rabo.

Nancy Dickinson, senior manager (operations) for HSBC Electronic Data Processing India Pvt Ltd, will head North Indian operations, taking over from Richard Groves. Groves will now head HSBC in Oman as its CEO.

India has become a crucial market for the global bank. So personnel from other major markets are being shifted to India. Michael R P Smith, HSBC global CEO, views China, India, Korea, Taiwan and Japan, as among the key growth economies in the Asian Pacifice region.

"India has been identified as a major development opportunity for the group, where HSBC intends to expand its presence," Smith said earlier.

HSBC has named Subir Mehra, former head of non-resident Indian (NRI) services and delivery channels, to head the commercial banking business.

Satish Janardhanan, previously manager of the information technology unit, is now the head of IT. Ravininder Singh, formerly head of corporate banking for western India, is now head of corporate banking for the entire bank in the country.

He will now directly report to Kidwai. Ravininder Singh replaces Pranam Wahi, who left to join DCB as its country head.

Puneet Chaddha, previously head of custody and clearing for India, has now become head of HSBC's credit card business, following Roopam Asthana departure to SBI GE Cards.

Vikramaaditya, formerly senior product manager for payments and cash management, is now head of custody and clearing.

"These top level appointments reinforce HSBC's commitment to its operations in India. HSBC has nurtured some of the best talent in the banking industry and we have been able to draw upon this strength to constitute a formidable top team for HSBC in India," said Booker.

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