In a top level shake up of Hongkong and Shangai Banking Corp's (HSBC) India operations, the current country head Naina Lal Kidwai has been promoted to take on the role of chairwoman. The bank is moving its Australian CEO Stuart Davis to take charge of the operations in India as CEO, reports The Age.
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HSBC's operations have been rapidly growing in India from $33 million in 2004 to over $666 million in 2008. The bank is one of the few among among its peers that has been able to avoid a government bailout.
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Kidwai has been the country head of HSBC since 2006. She joined HSBC in 2002 as head of its investment banking business from Morgan Stanley. Kidwai is the first Indian woman to graduate from the prestigious Harvard Business School.
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The shake up in Indian operations comes at a time when HSBC is in race to acquire Royal Bank of Scotland''s Asian assets, which includes operations in India. Others in race include Standard Chartarted Bank and Australia and New Zealand Banking Group Ltd (ANZ).
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The bank has various business in India like asset management, investment banking, credit card, personal loans, private equity, etc. The company entered retail broking last year with acquisition of IL&FS Investsmart in September 2008 for around $336 million. The bank also started a life insurance venture with Canara Bank and Oriental Bank of Commerce in June 2008.
