Sud named India retail banking head of HSBC

Sud replaces Bharadhwaj who quit in May

This article has been modified to rectify an error in an earlier version

The Hongkong and Shanghai Banking Corporation Ltd (HSBC) on Monday said it had appointed Sanjiv Sud as head of its retail banking and wealth management business in India. Prior to this appointment, Sud was based in Hong Kong, from where he ran the bank’s consumer assets business in the Asia-Pacific region. Sud replaces Gannesh Bharadhwaj, who left the foreign lender in May.

Sud will be responsible for HSBC’s premier and advantage propositions, wealth management, liabilities, consumer assets, non-resident business and distribution network. He has over 25 years of experience in retail banking.

 

He joined the HSBC Group in 1991 in India and within the group has experience across the whole range of retail banking and wealth management. Over the past two decades, Sud has worked internationally in a number of markets in Asia and West Asia, including Hong Kong, Indonesia, Taiwan, Malaysia and the United Arab Emirates. “I am delighted Sanjiv has joined us. Sanjiv is an experienced banker with a strong P&L (profit and loss), product management track record and has experience in related credit, operations and risk management disciplines. After successful stints in various countries, I am confident he will contribute to build our retail and wealth management business in India,” said Stuart P Milne, group general manager and CEO of HSBC in India.

The retail banking business had around five per cent share in HSBC’s India profit in 2012. The foreign lender’s profit before tax in retail banking operations was $41 million in 2012, compared to a loss of $14 million a year earlier.  The bank has 50 branches in India.