On Monday, The Hongkong and Shanghai Banking Corporation (HSBC) said: it has appointed former State Bank of India (SBI) chairman Rajnish Kumar as an independent director and a member of the Audit Committee and Risk Committee of the Asian entity. The Indian operation is a branch of this Asian entity. HSBC is also listed in the UK as a separate entity called HSBC Plc.
Rajnish Kumar, after spending a 40-year long term at The State Bank of India got retired in October 2020. Additionally, his tenure at the international boundaries comprised of conducting stints operations at SBI’s UK and Canada branches respectively. He will now serve as a representative of the audit committee and risk committee at HBFC Bank.
Peter Wong, the Chairman of the Board of the HSBC Bank averred, “Rajnish’s depth and breadth of experience across India’s financial industry will be an invaluable addition to the Board of the Group’s flagship Asian entity as HSBC directs its focus towards the region. 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.”
Kumar is simultaneously serving as the director of India-based Lighthouse Communities Foundation, as an independent director at Larsen & Toubro Infotech, a senior advisor/consultant at Singapore’s Baring Private Equity Asia Pte. Ltd and lastly in Mumbai’s Kotak Investment Advisors Ltd as an advisor.