HSBC's India CEO to move to Singapore in March

Stuart Davis, chief executive of Hongkong and Shanghai Banking Corporation (HSBC) in India, is likely to be shifted to Singapore in March. Sources said the move was a “routine replacement”, as Davis would 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 for the appointment. HSBC’s spokesperson in India was not available for comment.

Davis would relocate at a time when the bank is looking to acquire the retail and commercial banking businesses of Royal Bank of Scotland in India. The deal is yet to be cleared by the Reserve Bank of India.

Naina Lal Kidwai is 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, who was heading the British bank’s operations in Taiwan.