HSBC Bank Australia will lose its chief executive, Stuart Davis, as he moves within the bank to head the HSBC Group in India.
Davis’ time as chief executive of HSBC’s Australia business stretches from early 2002.
His roles have been widespread across HSBC and include heading HSBC Taiwan from 1999 to 2002.
Davis’ replacement is yet to be announced.
The appointment reflects the growing significance of India in HSBC’s growth, Hongkong and Shanghai Banking Corporation chief executive Sandy Flockhart said.
According to an HSBC Australia statement, HSBC in India has expanded significantly in the past five years, with pre-tax profit rising from US$33 million in 2004 to US$666 million in 2008.
