HSBC announced Hitendra Dave, a bank veteran, as its new chief executive for India on Monday.
According to an official release, Dave succeeded Surendra Rosha, who formerly led the most significant profit-generating division of global banking and markets.
Rosha will also be relocating to Hong Kong as the co-chief executive of HSBC Asia-Pacific, as per the announcement.
After Hong Kong and mainland China, India is the HSBC Group’s third-largest profit provider, with a pre-tax profit of USD 1.024 billion in 2020.
The bank employs 39,000 workers across 26 locations in 14 Indian cities, including those in back-office support for its global operations.
The statement suggested, Dave, who has worked for the bank since 2001 and has progressed through the ranks, will be appointed as the interim CEO of HSBC India once regulatory approval is received.
With USD 593 million in pre-tax earnings in 2020, up from USD 533 million in 2019, the global banking and market segment, which the bank characterises as an emerging markets-led, financing-focused business providing investment and financial solutions more than half of the pre-tax earnings.
Dave had previously served as the bank’s interim CEO before Rosha’s appointment.