With effect from 1 December 2017, and subject to regulatory approvals, Jayant Rikhye will take on the new role.
The Hongkong and Shanghai Banking Corporation (HSBC) on Monday announced the appointment of Jayant Rikhye as the chief executive officer for India.
Indian born Rikhye has spent his entire career at HSBC since starting at the bank in 1989. During the tenure of Milne, the bank took decisions like almost halving its retail branch presence and also exited several businesses like private banking and retail broking, leading to some job losses. He is now the head of global markets, Asia Pacific.
Stuart Milne who took over as India CEO in June 2012 will leave after a five-and-a-half year stint in December.
Rikhye has been with HSBC since 1989 and is now serving as head of strategy and planning for Asia Pacific.
Meanwhile, Milne has chose to take a three-month sabbatical starting January 2018.
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.
He has worked as Head of International, Asia Pacific and was responsible for 12 countries in the Asia Pacific Region (New Zealand, Japan, Korea, Taiwan, Thailand, Philippines, Sri Lanka, Bangladesh, Brunei, Mauritius, Vietnam, Indonesia) with the CEO's reporting to him.
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