Jayant Rikhye to take over as HSBC India CEO

London based Hongkong and Shanghai Banking Corp (HSBC) has appointed Jayant Rikhye as India CEO effective from December 1, subject to regulatory approvals.

Indian born Rikhye has spent his entire career at HSBC since starting at the bank in 1989.

He is currently group general manager, head of strategy and planning and regional head for the bank in 11 markets in Asia Pacific, based out of Hong Kong.

Rikhye's elevation means that HSBC gets an Indian CEO after a gap of eight years since Naina Lal Kidwai completed her term in 2009.

Kidwai was also chairman of the bank in India until 2015.

"Rikhye will lead HSBC’s next phase of growth in the country, where he first joined the group in 1989," HSBC said in a press release.

In his 28 years at HSBC, Rikhye has worked in different regions including Taiwan, Hong Kong, Middle East and North Africa.

Stuart Milne who took over as India CEO in June 2012 will leave after a five-and-a-half year stint in December.

He will take a three month sabbatical from January 2018 and his next role at HSBC will be announced in due course, the bank said.