HSBC appoints Hitendra Dave as India CEO

By: |
June 07, 2021 11:28 AM

India is the third-largest profit contributor for the HSBC Group after Hong Kong and mainland China and delivered a pre-tax profit of USD 1.024 billion in 2020.

In September 2020, HSBC had downgraded Azure Power to ‘hold’, mainly because of uncertainties related to the government finding buyers of electricity from the solar projects awarded to the company.In September 2020, HSBC had downgraded Azure Power to ‘hold’, mainly because of uncertainties related to the government finding buyers of electricity from the solar projects awarded to the company.

Foreign lender HSBC on Monday announced the appointment of bank veteran Hitendra Dave as its new chief executive for India. Dave, who had been heading the largest profit contributing segment of global banking and markets, succeeds Surendra Rosha, as per an official statement. Rosha is moving to Hong Kong as the co-chief executive of HSBC Asia-Pacific, it added.

India is the third-largest profit contributor for the HSBC Group after Hong Kong and mainland China and delivered a pre-tax profit of USD 1.024 billion in 2020.

The bank has 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 statement 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 maximise the opportunity that lies ahead,” Rosha said.

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 USD 593 million in 2020, up from USD 533 million in 2019.

Dave had served as the interim CEO of the bank earlier as well, before Rosha’s appointment.

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