RBI clears appointment of Hitendra Dave as HSBC India CEO for three years

The Reserve Bank of India (RBI) has approved the appointment of Hitendra Dave as Chief Executive Officer, HSBC India for a period of three years with effect from August 24, 2021, the bank said in a press release on August 25.

Dave is a General Manager within the HSBC Group and a member of the Asia Pacific Executive Committee of HSBC, underlining the importance of the India business to HSBC, the bank said.

HSBC, on June 7, announced that Hitendra Dave would be appointed as Chief Executive Officer of HSBC India on receipt of regulatory approval and has been appointed interim Chief Executive Officer effective June 7, 2021.

Dave succeeds Surendra Rosha who, after three years, is moving to Hong Kong as the Co-Chief Executive of HSBC, Asia-Pacific. Hitendra Dave, formerly Head of Global Banking & Markets of HSBC India
Dave is a senior banker and is a member of various advisory committees. Dave has been with HSBC India since 2001 and is a postgraduate in Business Administration and holds a degree in Economics from Delhi University.

Dave joined the bank in 2001 in the Global Markets business and has risen through the ranks to his current role as MD & Head of Global Banking and Markets business, the dominant contributor to HSBC India’s PBT over the years.

HSBC India offers a full range of banking and financial services through 26 branches across 14 cities. It has over 39,000 employees in its banking, investment banking and capital markets, asset management, software development, and global resourcing operations in the country.

HSBC India had reported a profit before tax of $1.024 billion (Rs 7,200 crore approximately) for FY 2020. India is the third-largest contributor to HSBC’s Group profits with Hong Kong and Mainland China being the top two contributors.