The Hongkong and Shanghai Banking Corporation Ltd has appointed India head Naina Lal Kidwai as a director on its board. Kidwai, who has been with HSBC since 2002, will join the board with effect from 1 October 2010.
“Naina’s appointment to The Hongkong and Shanghai Banking Corporation Board is a reflection of the growing importance of India in our emerging markets strategy. We recently announced our third major investment in the country in the last two years and see a range of growth opportunities in areas of strength for HSBC, including in insurance and in serving businesses that trade internationally,” said Michael Geoghegan, HSBC Group CEO and chairman.
Last month, HSBC acquired the retail and commercial banking operations Royal Bank of Scotland (RBS) in India. In 2008, HSBC acquired 93.86% stake in retail brokerage IL&FS Investsmart for Rs 1,311 crore ($296.4 million). This firm is now called HSBC InvestDirect and is being delisted from the exchanges. HSBC also formed an insurance JV with Canara Bank and Oriental Bank of Commerce, gaining access to a distribution network of 5,000 branches and 50 million customers.