Naina Lal Kidwai has been given a larger role at Hongkong And Shanghai Banking Corporation (HSBC) in its India operations. Hitherto Group General Manager and CEO of HSBC India, Kidwai now becomes Group General Manager and Country Head of HSBC India.
That would make Kidwai chairman of the eight HSBC Group companies in India. The appointment is subject to regulatory clearances.
HSBC has also named a new CEO for HSBC India — Stuart Davis, who was CEO of HSBC Bank Australia. Both appointments are effective April 15, 2009.
Kidwai has been at the helm of HSBC India, as deputy CEO and CEO, for the last five years. During her tenure the pre-tax profit of HSBC’s India operations rose to over $666 million in 2008 from just $33 million in 2004.
Sandy Flockhart, Chief Executive Officer of HSBC Asia Pacific, said in a statement: “These appointments reflect the growing significance of India in HSBC’s global growth story. As one of the fastest growing economies in the world, India plays a critical part in the Group’s strategic focus on emerging markets.”