London: The Reserve Bank of India (RBI) has approved the appointment of HSBC's new Indian head, Naina Lal Kidwai, after she agreed to bow to the regulator's demands and quit the board of food maker Nestle.
HSBC appointed Kidwai in May and had sought approval from the central bank for the appointment. Sources at the bank had said earlier this week that approval was being held up after the regulator asked Kidwai to leave her position as a director on Nestle's board to prevent conflicts of interest.
"Regulatory approval has been given subject to Naina Lal Kidwai resigning from her post as a non-executive director of Nestle," HSBC said.
"We will be complying with the regulator's requirement before Nestle's next board meeting." The food group's board is due to meet next month. A spokeswoman at RBI was not immediately available for comment.
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