(Image source from: India.com)

HSBC Bank Appoints Jayant Rikhye As CEO For India Operations:- British banking major HSBC, on Monday said, that Jayant Rikhye, will be taking over as the India chief executive from the incumbent Stuart Milne.

Rikhye was the head of strategy of HSBC for the Asia-Pacific region, while Milne served as the country head for five years. During the tenure of Milne, the bank took decisions like nearly halving its retail branch presence and also exited several businesses like private banking and retail broking, leading to some job losses.

India was the third biggest contributor to the group’s profits, in 2016. In 1989, in the India operations itself, Rikhye joined the bank and his last assignment was being head of international for Asia-Pacific.

“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,” said HSBC deputy chairman and chief executive Peter Wong in a statement.

From December 1, Rikhye will take over the new position. The bank further said that Milne is going on a sabbatical for three months and his new role will be announced later.

India has the second largest workforce for it globally. The group’s “ten point strategic agenda” outlined in 2015, has been supported by India, thus becoming one of the top contributors to group profits, added the bank.

In India, it is focused on driving digital technology and the next phase of growth will come from greater digital synergy and cross-border activity, said the bank.

SUPRAJA