Naina Lal Kidwai to head HSBC India ops

Global banking giant HSBC has revamped the top brass of its Indian arm and appointed Naina Lal Kidwai,currently Group General Manager and CEO of the banking unit,to the new role of Group General Manager and Country Head of HSBC India.

“She will assume chairmanship of HSBC group companies in India as regulations permit. Stuart Davis,currently CEO of HSBC Bank Australia Limited,will become CEO of the Bank in India,subject to regulatory approvals. The new appointments would be effective April 15,2009,” the bank announced on Thursday. Apart from the bank,it has eight entities,including the mutual fund and private equity arm,in India. Kidwai has been at the helm of the bank in India as CEO and Deputy CEO for the last five years. Prior to that,she was vice-chairman and managing director of HSBC Securities and Capital Markets India. Stuart Davis has over 25 years of banking experience with HSBC. He has worked with the group in roles in the US,Taiwan and Australia.

Sandy Flockhart,chief executive officer of HSBC Asia Pacific,said,“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.”