Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia

The Hongkong and Shanghai Banking Corporation Ltd (HSBC) has appointed Rajnish Kumar as an Independent Non-Executive Director on the board of its Asian entity.

Kumar had retired as Chairman of the State Bank of India (SBI) in October 2020.

"In addition to his extensive background with regulatory authorities, investors and businesses in India, Kumar has strong experience of global business and financial markets from his work with the SBI in the UK and Canada," said an HSBC statement.

During his tenure as Chairman of the SBI, he also led the strengthening of the bank's digital banking platform.

HSBC Board Chairman Peter Wong said: "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."

Kumar will also be a member of HSBC's Audit Committee and Risk Committee.

He was also the Chairman of the Indian Banks Association, Chairman of the Indian Institute of Banking and Finance and a director of the Export Import Bank of India and Export Credit Guarantee Corporation.

He is 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.