Mumbai: HSBC said on Thursday it elevated the chief executive of its Indian operations, Naina Lal Kidwai, as country head and named Stuart Davis from its Australian unit as her replacement as part of its emerging market focus.
“As one of the fastest growing economies in the world, India plays a critical part in the group’s strategic focus on emerging markets,” Sandy Flockhart, chief executive of HSBC Asia Pacific, said in a statement.
HSBC, which employs 37,000 people in India representing 11% of the group’s global workforce, posted a $666 million pre-tax profit in 2008 from its operations in India.
Last year, the bank bought retail brokerage IL&FS Investmart and set up a life insurance joint venture with two state-run Indian banks.
“Our enlarged businesses have necessitated the creation of this new position for our Indian operations,” Flockhart said, referring to the country head’s role.
Kidwai has been at helm of HSBC in India for the last five years and Davis was CEO of its Australian unit since 2002, it said in a statement, adding Davis’ replacement will be named shortly.