HSBC's India retail head resigns

Posted By: Religare
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HSBC's India retail head Gannesh Bharadhwaj has resigned, according to a media report, which didn't have the full details of the development but added that there were some allegations against him.

Sources said that HSBC will soon replace Bharadhwaj with a senior executive from its India operations and an announcement will be made soon.

HSBC's retail banking operations contributed 5 per cent to the bank's India profit in 2012. Its profit before tax in retail banking operations was USD 41 million in 2012, compared to a loss of USD 14 million a year earlier.

Bharadhwaj was one of the key executives overseeing HSBC's proposed acquisition of Royal Bank of Scotland's retail and commercial banking assets in India.

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