HSBC has reshuffled its senior ranks in Asia in what is said to be part of a reorganisation strategy that happens every three years, a report by Live Mint shows.

Stuart Davis, chief executive of HSBC India, is set to move to Hong Kong in March after a three-year stint at the South Asian country and will be replaced by Stuart Milne, the current CEO for Japan. Succeeding Milne will be Kaber McLean, who used to serve as head of global banking and markets in Asia-Pacific. Taking the role of country head for India and director, HSBC Asia-Pacific is Naina Lal Kidwai. 

The bank has yet to comment on these changes, but the news service quoted a bank official as saying that the reshuffling of country heads every three years is a routine practice by the bank. The source did not say which position Davis will assume in Hong Kong. Davis has also declined to comment. 

The changes happen at a time international financial services firms are redefining their presence in emerging economies amid volatile markets. For the past three years, HSBC has suffered losses in India, although this has reduced from $115 million in 2008 to $4 million in the first half of 2011. Globally, HSBC is trying to reduce its costs, which includes plans to slash its staff numbers by 30,000, or 10 per cent of its total work force.