Hitendra Dave would be the Chief Executive Officer (CEO) of HSBC’s India operation, said the international banking and financial products and services company on Monday.
Dave’s appointment is subject to regulatory approval and until then he’s going to 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.
Dave used to be the Managing Director and head of Global Banking & Markets of HSBC India, probably the most key contributors to the company’s profits in the country. Dave joined HSBC in 2001 in the global markets commerce and rose through the ranks.
He’s a member of more than a few advisory committees, contributing to the development of the bond market in India as a steady member of Reserve Bank of India (RBI) committees.
HSBC India used to be the third largest contributor to the group’s profits in fiscal 2020.
With Citibank closing its retail commerce in India, HSBC is expected to gain in market share, and due to this fact, could become 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.
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