HSBC, Europe’s largest bank, appointed company veteran Stuart Milne to head its Indian operations as chief executive officer, the London-listed bank said.
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.
The appointment comes amid HSBC’s plans to grow its operations in Asia’s third-largest economy, even as it continues to shed jobs and cut costs in other parts of the world.
Milne has worked with the company’s businesses in Europe, the Middle East, the United States and Asia since joining the bank in 1981, it said.
HSBC competes with Citigroup and Standard Chartered as well as domestic banks like ICICI Bank in India.
It had, in 2010, agreed to buy Royal Bank of Scotland’s Indian retail and commercial banking businesses, but the deal has not been completed yet.