HSBC Names Jayant Rikhye as New India Chief Executive Officer

  • To replace Stuart Milne, who will take a sabbatical in January
  • Milne had focused on digital to boost India consumer business

HSBC Holdings Plc named Jayant Rikhye as chief executive officer of its India unit, to replace Stuart Milne.

Rikhye, currently the bank’s head of International for the Asia-Pacific region, will start his new role on Dec. 1, according to an emailed statement from the London-based lender. Milne, who has been India CEO for five years, will take a three-month sabbatical from January and HSBC will announce his next position “in due course,” it said.

Under Milne, the lender had focused more on digital banking to expand its consumer business in India, allowing it to close 24 of its 50 branches in the country. India was the third-biggest contributor to HSBC’s group pretax earnings in 2016 after Hong Kong and mainland China, exchange filings show.

Rikhye is also Asia-Pacific head of strategy and planning at HSBC, which he first joined in 1989. He has worked in a number of places for the bank including Taiwan, Hong Kong and the United Arab Emirates.

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