HSBC India CEO Davis to move to Singapore in March

Stuart Davis, chief executive of Hongkong and Shanghai Banking Corporation (HSBC) in India, is likely to move to Singapore in March, 2012. Sources said the move was a "routine replacement" as Davis will complete three years in India next month.

He is expected to be replaced by Stuart Milne, country manager and president of the bank's operations in Japan, sources said requesting anonymity as the bank is yet to receive regulatory clearance on this appointment.

HSBC's spokesperson in India was not available for comments

Davis will relocate at a time when HSBC is looking to acquire the retail and commercial banking businesses of Royal Bank of Scotland (RBS) in India. The deal is yet to be cleared by the Reserve Bank of India (RBI).

Naina Lal Kidwai is currently group general manager and country head of HSBC in India.

Earlier this month, another foreign lender, Standard Chartered Bank replaced Neeraj Swaroop, chief executive of the lender's operations in India and South Asia, with Sunil Kaushal. Kaushal was heading the British bank's operations in Taiwan.