Hitendra Dave has been appointed as the new Chief Executive of HSBC India. He had been heading the largest profit contributing segment of global banking and markets.

Dave succeeds Surendra Rosha, who is moving to Hong Kong as the co-chief executive of HSBC Asia-Pacific, as per official statement.

India is the third-largest profit contributor for the HSBC Group after Hong Kong and mainland China and delivered a pre-tax profit of $1.024 billion in 2020.

The bank has 26 branches in 14 Indian cities and employs 39,000 people, including those in back-offices helping its global operations.

Dave, who has been with the bank since 2001 and rose through the ranks, will be appointed as the Chief Executive of HSBC India on regulatory approval and serve as the interim CEO from Monday, the statement said.

“We have a clear strategy and investment commitment from the (HSBC) group. I am confident that under Dave's leadership we will maximise the opportunity that lies ahead,” Rosha said.

The global banking and market segment, which the bank defines as an emerging markets-led, financing-focused business providing investment and financial solutions, contributed more than half of the pre-tax profits at $593 million in 2020, up from $533 million in 2019.

Dave had served as the interim CEO of the bank earlier as well, before Rosha's appointment.