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Jayant Rikhye to take charge as new HSBC India CEO

He will succeed Stuart Milne, who served as CEO for five years

g_100461_bgjayantrikhye,ggm&ceohsbcindia2017[1]copy_280x210.jpgJayant Rikhye will take over as HSBC India CEO from December 1, 2017

Hongkong and Shanghai Banking Corporation (HSBC) Limited on Monday announced the appointment of Jayant Rikhye as the new CEO for the bank's operations in India, with effect from December 1, 2017, subject to regulatory approvals.

Rikhye will succeed Stuart Milne, who served as CEO for five years. Milne will take a three month sabbatical starting January 2018 and his next role at HSBC will be announced in the coming weeks.

Rikhye, who had first joined the HSBC Group in 1999, is currently head of International (Asia-Pacific), responsible for 11 markets in the region. He is also head of strategy and planning, Asia-Pacific.

In an earlier interaction with Forbes India , Milne had highlighted HSBC Group’s rationale behind reducing physical branches in India, a plan that saw fruition under his leadership of India operations at a time when digital banking is picking up here. At the time, he said he was optimistic on HSBC India’s growth, led by cross-border investments. Earlier this year, HSBC India, in a statement, said they were planning to shut 24 of its 50 branches in India.