Kidwai to head HSBC India

HSBC On Thursday announced the appointment of Naina Lal Kidwai as country head and group general manager of HSBC India. Before this, she was the group general manager and chief executive officer (CEO) at the bank.

Stuart Davis, currently CEO of HSBC Bank Australia, will take charge as CEO for the bank’s Indian operations and would report to Kidwai. The new appointments came into effect from April 15, 2009. Kidwai has been at the helm of the bank in India as CEO and deputy CEO for the last five years. Prior to that, she was vice-chairman and managing director of HSBC Securities and Capital Markets India.

“India is becoming one of the most important countries for HSBC along with China. India contributes nearly 7 per cent to the group’s global profit,” Stephen K Green, group chairman, HSBC Holdings, said.

“We will also form an India management board that will be chaired by Kidwai and would include the CEOs and senior management of all the HSBC entities in the country. We have a similar structure at a regional level in Latin America, the US and the UK,” Green added. HSBC has expanded significantly in India over the past five years, with its pre-tax profit of $33 million in 2004 rising to over $666 million in 2008. At present, the bank employs over 37,000 people in India, constituting over 11 per cent of the group’s total workforce globally.

Kidwai told reporters here that, on assuming charge as the chairman of the board, she would look into strategic functions to grow the bank’s business in India as well as integration of operations, while pointing out that she would bring the best practices into the country.