New HSBC India CEO

HSBC has appointed Jayant Rikhye as its India CEO. Rikhye, who succeeds Stuart Milne, will take charge from December.

By Our Special Correspondent in Mumbai
  • Published 24.10.17
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BIG ROLE: Jayant Rikhye

Mumbai: HSBC has appointed Jayant Rikhye as its India CEO. Rikhye, who succeeds Stuart Milne, will take charge from December.

In 2012, Milne was appointed the chief executive to head the Indian operations. He is going on a sabbatical for three months and his new role will be announced later, the bank said in a statement on Monday.

During Milne's tenure, the bank nearly halved the number of retail branches and exited several businesses such as private banking and retail broking.

In 2016, India was the third biggest contributor to the group's profits.

Rikhye, whose appointment is subject to regulatory approvals, joined the Indian operations of the bank in 1989. He has also headed the bank's Asia-Pacific markets.

In his 28 years at HSBC, he has worked in various regions that include Hong Kong, Taiwan, West Asia and North Africa. He has worked in segments such as corporate banking, institutional fund services and security services.

"Jayant brings with him a vast experience of leading international banking operations in Asia. I am confident he will be able to take the bank's India operations to the next level of development," HSBC deputy chairman and chief executive Peter Wong said in a statement.

The bank added that India had the second-largest workforce globally.

The country has also been supporting the group's "ten point strategic agenda" outlined in 2015, becoming one of the top contributors to its profits, the statement said.