HSBC expands top mgt in India, Kidwai is country head

Hongkong and Shanghai Banking Corporation Ltd, India has appointed Naina Lal Kidwai, currently group general manager and chief operating officer of the bank to the new role of group general manager and country head of HSBC India.

She will assume chairmanship of HSBC group companies in India a regulations permit.
Stuart Davis, currently CEO of HSBC Bank Australia Limited, will become CEO of the Bank in India, subject to regulatory approvals. The new appointments would be effective 15 April 2009

Sandy Flockhart, Chief Executive Officer of HSBC Asia Pacific, said "These appointments reflect the growing significance of India in HSBC’s global growth story. As one of the fastest growing economies in the world, India plays a critical part in the Group’s strategic focus on emerging markets. Our acquisition of one of India’s largest retail brokerages IL&FS Investsmart in September 2008 and the establishment of a life insurance company with two of India’s largest State banks in June last year have greatly expanded our presence in this strategic market. Our enlarged businesses have necessitated the creation of this new position for our Indian operations."

 

Naina Lal 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. 

HSBC in India has expanded significantly in the past five years, with 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. In the last year alone, HSBC expanded its scale of operations in India by acquiring IL&FS Investsmart and launching Canara HSBC Oriental Bank of Commerce Life Insurance Company.

Additionally, HSBC Asset Management (India) continues to grow its business, with its investment arm HSBC Mutual Fund winning the prestigious Employees Provident Fund Organisation (EPFO) mandate to manage a $5 billion portfolio.

A new CEO of HSBC Australia will be announced shortly.