HSBC names company veteran Hitendra Dave as CEO of India business

Hitendra Dave is a member of Reserve Bank of India advisory committees.

Hitendra Dave will be the Chief Executive Officer (CEO) of HSBC’s India operation, said the international banking and financial services company on Monday.

Dave’s appointment is subject to regulatory approval and until 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.

Dave, 52, was 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. Dave joined HSBC in 2001 in the global markets business and rose through the ranks.

He is a member 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.

HSBC India was the third largest contributor to the group’s profits in fiscal 2020.

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.