HSBC Asia appoints ex-SBI chief Rajnish Kumar as an independent director

Rajnish Kumar retired in October 2020 after a 40-year career at SBI

The Hongkong and Shanghai Banking Corporation (HSBC) on Monday said it has appointed former State Bank of India (SBI) chairman Rajnish Kumar as an independent director and a member of 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 retired in October 2020 after a 40-year career at the SBI. His international tenure included stints at SBI's UK and Canada operations. 

“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,” said Peter Wong, Chairman of the Board of The HSBC.

Kumar is also currently a director of India’s Lighthouse Communities Foundation, an independent director of Larsen & Toubro Infotech, a senior advisor of Baring Private Equity Asia Pte. Ltd in Singapore and an advisor of Kotak Investment Advisors Ltd in Mumbai.