Naina Lal Kidwai, who currently oversees HSBC’s investments in India, will join the HSBC board effective October, subject to regulatory approvals from the Hong Kong Monetary Authority.
“Naina’s appointment to The Hongkong and Shanghai Banking Corporation board is a reflection of the growing importance of India in our emerging markets strategy,” said Michael Geoghegan, HSBC group chief executive officer and chairman. “We recently announced our third major investment in the country in the last two years and see a range of growth opportunities in areas of strength for HSBC, including in insurance and in serving businesses that trade internationally.”
Last month HSBC acquired the commercial and consumer divisions of the Royal Bank of Scotland in India. The move followed the sale of various other RBS Asia businesses to ANZ. In 2008, HSBC acquired a 93.86% stake in retail brokerage IL&FS Investsmart for around $300 million. HSBC also formed an insurance joint venture with two nationalised banks, Canara Bank and Oriental Bank of Commerce.
Kidwai became chairperson of HSBC India in 2009. Her earlier role as group general manager and country head was taken on by Stuart Davis who was previously CEO of HSBC Bank Australia. Davis was replaced by Paulo Maia.
Meanwhile, back in Hong Kong, HSBC has strengthened its natural resources coverage. Peter O’Malley has joined as managing director and head of resources and energy group for Asia-Pacific. He has been covering the sector since 1991 and joins from Deutsche Bank in Hong Kong, where he headed the natural resources team.
Eugene Tan has also left Deutsche for HSBC. Tan will be a managing director in O’Malley’s resources and energy team. He was a director at Deutsche. Both O’Malley and Tan have been on gardening leave since earlier this year. Deutsche subsequently hired Yash Kaman from J.P. Morgan to head natural resources.
Anne Kao has joined HSBC as managing director to head power and utilities for China from Macquarie Capital Advisers Hong Kong.