HSBC inducts India head Naina Lal Kidwai on board

Hongkong and Shanghai Banking Corp has announced that Naina Lal Kidwai, who currently heads HSBC's operations in India, has been inducted into the Asia-Pacific board of the global banking major.

Kidwai has been with HSBC since 2002 and is currently the country head of HSBC in India. She will join the board with effect from 1 October 2010, subject to regulatory approvals from the Hong Kong Monetary Authority, a release from HSBC said.

The bank said the move reflects the importance of India in its emerging market strategy.

As India head of HSBC, other than the pure banking services, Kidwai also oversees businesses like insurance, asset management, securities and capital markets, software development and the global service centres servicing the global bank's operations in the UK, the EU and the US.

At present, the Asia-Pacific business, in which the Harvard Business School alumnus Kidwai will be a board member, accounts for about 60 per cent of HSBC's global profits and is also the fastest growing region within the group.

"Naina's appointment to the HSBC board is a reflection of the growing importance of India in our emerging markets strategy," Michael Geoghegan, chairman, HSBC, and the group chief executive, HSBC Holdings plc, the UK company, said in HSBC's release.