Mumbai: The country's second largest foreign bank HSBC Monday said it appointed group veteran Stuart Milne as the new chief executive, effective April 1 with Stuart Davis, after a three-year stint in the same role, moving out of the country but within the group.
This makes HSBC the second foreign bank in the country to have a new CEO, after rival British lender Standard Chartered Bank.
Davis' new role is yet to be announced, but it has been reported that he will be holding a larger role at the bank's Asia headquarters in Hong Kong as part of a global reshuffle of the bank as the largest European bank tries to trim costs in the Western markets which are yet to recover from the 2008 credit crisis.
Naina Lal Kidwai will continue as the country head of HSBC India and also as a director at HSBC Asia Pacific.
"Milne, who was most recently its country manager for Japan, succeeds Stuart Davis who is moving to a new position within the organisation," the bank said on Monday.
On Milne's appointment, HSBC Asia-Pacific chief executive Peter Wong said, "I am delighted to announce Stuart Milne as HSBC India CEO. His appointment to the executive committee in Asia reinforces the high profile of our India business.
"I am pleased that in the three years that Stuart Davis has been in India, HSBC has secured its position among the biggest and most profitable foreign banks in the country. HSBC has emerged as a competitive player in the market, taking Indian businesses overseas and helping to attract overseas business to India," Wong said.