image courtesy / indiainfoline
On June 7 the Global Banking major HSBC announced Hitendra Dave to be appointed as Chief Executive Officer HSBC India. On regulatory approval and has been appointed as interim CEO from June 7 2021. Hitendra Dave replaces Surendra Rosha who will be moving to Hong Kong as Co-CEO of HSBC Asia-Pacific. Dave to head Global Banking and Markets of HSBC India. He has almost 30 years of work experience in Indian Financial markets in which around 20 years he has been with HSBC.
Mr. Dave is a post graduate in business administration holds a degree in economics from Delhi university. In an interview 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 Group.”
Mr. Dave has been of great importance in developing bond market in India as he is a regular member of Reserve Bank of India (RBI).
HSBC India reported the Profit before tax of $1.024bn ( INR 7200 crore approx.) FY 2020. India to be the third largest contributor in HSBC group profit with Hong Kong and Mainland China being the top most 2 contributors. With Citibank’s plan to shut its retail in India, it is predicted that some of the bank’s gain will be directed towards HSBC.