HSBC Asia has named Rajnish Kumar, former chairman of State Bank of India as its new Director.
Kumar retired as the chairman of country’s largest lender after four decades of service in October last year. He was earlier appointed as senior advisor by Baring Private Equity Asia and an advisor to Kotak Investment Advisors.
Besides, Kumar will be a member of The Hongkong and Shanghai Banking Corporation’s audit committee and risk committee, according to a statement.
Banking giant HSBC has appointed former SBI chairman Rajnish Kumar as a non-executive director for its Hong Kong-headquartered Asia unit. Kumar, who retired from the country’s largest lender after four decades of service in October last year, was previously appointed as senior advisor by Baring Private Equity Asia and an advisor to Kotak Investment Advisors.
“The opportunities presented by its 1.4 billion population, 18 million non-resident Indians and 40,000 MNCs make India a key component of HSBC’s growth strategy,” Hongkong and Shanghai Banking Corporation’s chairman Peter Wong said.
HSBC’s operations in India include 26 retail branches and other financial services, are a part of HSBC Asia.
During his tenure at SBI, Kumar was the chairman of industry lobby Indian Banks Association, chairman of the Indian Institute of Banking and Finance and a director of the Export Import Bank of India and Export Credit Guarantee Corporation.