Hitendra Dave is set to take over as the Chief Executive Office of HSBC India, pending approval from the Reserve Bank of India. The 52-year-old banker was appointed interim CEO from June 7.

Previously Head of Global Banking and Markets of HSBC India, Dave has been with HSBC since 2001 and has risen through the ranks.

A postgraduate in Business Administration, with a degree in Economics from Delhi University, he is among the more visible figures in the country’s banking industry. Highly respected for his understanding and views on macro economy, corporate developments and financial markets, he has also been a member of various advisory committees.

Dave is seen as an intrinsic part of the bank’s growth ambitions. His elevation should also be seen in the backdrop of the fact that HSBC India is one of the largest contributors to the Group's profits.

Expectations are that Dave will further fuel HSBC India’s growth ambitions, especially at a time when Citi is set to close down its consumer banking franchise in the country. HSBC had earlier outlined that India would be a key driver of its future growth, along with Greater China and Southeast Asia. It plans to expand wealth and international wholesale banking divisions in India.

Dave succeeds Surendra Rosha who, after three years, is moving to Hong Kong as the Co-Chief Executive of HSBC, Asia-Pacific

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