Naina Lal Kidwai to retire as HSBC India chairperson
1 min read . Updated: 30 Sep 2015, 05:58 PM IST
PremiumShe will also step down from her position of executive director on the board of HSBC Asia Pacific
Mumbai: Naina Lal Kidwai will retire as the chairman of HSBC Holdings Plc.’s India unit after a 13-year career with the British bank, the bank said in a statement on Wednesday. She will also step down from her position of executive director on the board of HSBC Asia Pacific.
Kidwai joined HSBC in 2002 as vice-chairman and managing director at HSBC Securities and Capital Markets, India. She took over as CEO of HSBC India in 2007 and moved to the post of chairman of HSBC India in 2009. Stuart Davis took over as CEO of HSBC India from Kidwai and continues to head the bank’s operations here.
“Having reached retirement age, it is time for me to move to different pursuits. I intend to spend more time in the areas of women empowerment and water and sanitation where I have been engaged over the last decade in different capacities," Kidwai said in the statement.
India is the sixth largest contributor to the global profits of HSBC. For the six months ended 30 June, HSBC reported a 12% fall in post tax profits from India to $335 million compared to $335 million in the corresponding period of last year. The bank’s loan book in India increased to $8.46 billion as of June 2015 from $7.05 billion in June 2014.
