Ex-JPMorgan banker joins HSBC board

HSBC has appointed Kalpana Morparia, a former JPMorgan banker, as a non-executive director to its board, the bank announced on Tuesday. Morparia, 73, most recently worked as Chair of JPMorgan’s south and southeast Asia business and spent most of her 45-year banking career in India.

“Kalpana is a very experienced banker, with gravitas and presence. Her deep banking expertise and experience of the Asia region, particularly in India and Southeast Asia, will be an asset to the Board,” HSBC Chair Mark Tucker said.

Jackson Tai, another former JPMorgan banker and ex-CEO of Singapore’s DBS Bank, will step down from the board this year after holding the role since 2016, HSBC also said. Morparia replacing Tai will mean the lender’s board will have six female members out of 13, bringing the bank closer to an even split at a time of rising scrutiny of diversity among financial firms’ boards.

At 46%, HSBC’s ratio of female directors will slightly exceed the UK average of 43%, according to data compiled by consulting firm EY. The appointment of Morparia is expected to bring significant experience and knowledge of the banking industry in India and Southeast Asia, particularly relevant to HSBC’s focus on the region.

Investors will be watching for signs that the Asia-focused lender is delivering on a promise to keep costs under control while lifting returns when HSBC reports its annual results on Feb. 21.