HSBC Asia appoints former SBI chairman Kumar as its director

Banking giant HSBC has appointed former SBI chairman Rajnish Kumar as a non-executive director for its Hong Kong-headquartered Asia unit. Kumar, who retired from the India's largest lender after four decades of service in October last year, was previously appointed as senior advisor by Baring Private Equity Asia and an advisor to Kotak Investment Advisors.

His experience across India's financial sector will be an invaluable addition to the board of the HSBC Group's Asian entity as it directs focus on the region, Hongkong and Shanghai Banking Corporation's chairman Peter Wong said.

"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," Wong added.

HSBC's operations in India, which include 26 retail branches and other financial services, are a part of HSBC Asia. Kumar will also be a member of The Hongkong and Shanghai Banking Corporation's audit committee and risk committee, according to a statement. During his stint with SBI, Kumar has been the chairman of industry lobby Indian Banks' Association (IBA), chairman of the Indian Institute of Banking and Finance and a director of the Export Import Bank of India (Exim Bank) and Export Credit Guarantee Corporation (ECGC), it said.