The new CEO will start his new role on 1 December.

HSBC has appointed Jayant Rikhye as chief executive of its India operation, to replace Stuart Milne.

Rikhye, the bank’s head of international for the Asia-Pacific region, will reportedly start his new role on 1 December, the firm said in a statement.

He is also Asia-Pacific head of strategy and planning at HSBC. He first joined the firm in 1989. He has worked in a number of places for the bank including Taiwan, Hong Kong and the United Arab Emirates.

Milne, who has been India CEO for five years, will take a three-month sabbatical from January and HSBC will announce his next position “in due course".

“Jayant brings with him a vast experience of leading international banking operations in Asia," said Peter Wong, deputy chairman and CEO of HSBC. "I am confident he will be able to take the bank’s India operations to the next level of development. I would like to thank Stuart for his significant contribution during his five years in India," Wong said.