Mumbai, NFAPost: Rajnish Kumar, former Chairman of State Bank of India (SBI), has been appointed as Hongkong and Shanghai Banking Corporation’s (HSBC) Asian entity’s independent Non-executive Director.
According to HSBC company sources, Rajnish Kumar will also be a part of the Audit Committee and Risk Committee of HSBC Asia, which includes the Indian operation of the bank.
Rajnish Kumar who joined SBI as a Probationary officer in 1980 and retired as SBI’s Chairman on 6th October 2020. His retirement comes after almost 40 years of service and three year term as Chairman. Rajnish Kumar is credited with the mega-merger of seven banks with India’s largest lender.
During Kumar’s tenure as SBI Chairman, the bank moved ahead with its digital drive through SBI’s YONO platform and consolidated its troubled corporate accounts. The bailout of stressed private lender Yes Bank was one of the biggest challenges during his term.
After completing his tenure with SBI, he took up the role of an advisor with Baring Private Equity Partners India in February 2021. In the same month, Kotak Investment Advisors (KIAL) also announced his appointment as an exclusive advisor for its $1 billion Special Situation Fund.