HSBC appoints Jayant Rikhye as CEO for India operations, will replace Stuart Milne

The Hongkong and Shanghai Banking Corporation (HSBC) has appointed Jayant Rikhye as the new Chief Executive Officer for India operations, replacing Stuart Milne.

Rikhye, who joined the HSBC in 1989, will begin his tenure on December 1. He is currently the head of international markets, Asia Pacific. Naina Lal Kidwai was the last Indian CEO for HSBC's India operations. She finished her term in 2009.

"Rikhye will lead HSBC's next phase of growth in the country, where he first joined the group in 1989," HSBC said in a press release. In his long career at the HSBC, Rikhye has worked across many divisions, including corporate banking, institutional fund services and securities services. He has held jobs in Tawian, Middle East and North Africa, United Arab Emirates.

"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. I would like to thank Stuart for his significant contribution during his five years in India," the Business Standard quoted Peter Wong, deputy chairman and chief executive of The Hongkong and Shanghai Banking Corporation Limited, as saying.

Meanwhile, Milne has decided to take a three-month sabbatical starting January 2018. His next role at HSBC will be announced later, the bank said.

At the appointment of Rikhye, the bank said India has been the second largest workforce for it globally. The country has also been supporting the HSBC group's "ten point strategic agenda" outlined in 2015, becoming one of the top contributors to group profits, it added.

HSBC is focused on promoting digital technology in India and the next phase of growth will come from greater digital synergy and cross-border activity, the bank further stated.