New Delhi, October 23: The Hongkong and Shanghai Banking Corp (HSBC) on Monday appointed Jayant Rikhye as India chief executive of India (CEO). Rikhye will be succeeding Stuart Milne and will take charge from December 1, 2017, subject to regulatory approvals. Rikhye is currently a group general manager, head of strategy and planning and regional head for the bank in 11 markets in Asia Pacific, based out of Hong Kong. Rikhye has spent his entire career at HSBC since starting at the bank in 1989. Both Milne and Rikhye are group general managers as well. Reports state that Stuart Milne’s role is yet to be defined.

A press release by HSBC stated, “Mr Milne will take a three-month sabbatical from the beginning of January 2018 and his next role at HSBC will be announced in due course”. “Rikhye will lead HSBC’s next phase of growth in the country, where he first joined the group in 1989,” HSBC added in the press release. Under Milne’s leadership, HSBC India focused more on digital banking to expand its consumer business in India.

Who is Jayant Rikhye- the new CEO of HSBC India:

  1. Indian Born Rikhye has worked with HSBC since 1989.
  2. Rikhye has done his High School Diploma from Don Bosco High School, Park Circus, Calcutta, India
  3. With Rikhye’s appointment, HSBC will get an Indian CEO after a gap of 8 years since Naina Lal Kidwai completed her term in 2009.
  4. He completed his Bachelor of Science (BSc) and MBA, Marketing (BSc) and a General MBA from the University of New Orleans
  5. He has worked in multiple areas (Strategic Planning, Securities Services, Learning & Development, Treasury, Retail Banking, Corporate Banking) and multiple locations ( Mumbai, New Delhi, Hong Kong, Taipei, Manila, Dubai and Riyadh).
  6. 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.
  7. Rikhye was also the Head of Strategy & Planning and was responsible for Strategic Planning across all countries in the Asia Pacific Region.
  8. Rikhye is currently a Member of the following Boards:
  • Chairman, HSBC Taiwan
  • Chairman, HSBC Mauritius
  • Chairman, HSBC Vietnam
  • Chairman, Bank Ekonomi, Indonesia
  • Member, HSBC Asset Management, Asia Pacific
  • Member, HSBC Australia

Stuart Milne who took over as India CEO in June 2012 will leave after a five-and-a-half year stint in December. With Rikhye’s appointment,  HSBC gets an Indian CEO after a gap of eight years since Naina Lal Kidwai completed her term in 2009.