HSBC India has received approval from the Reserve Bank of India (RBI) to open 20 new branches, marking the largest expansion granted to any foreign bank in over a decade. These branches will be set up in key cities like Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, and more. The locations were chosen for their prominence as wealth hubs, catering to high net worth and ultra-high net worth clients with both domestic and international banking requirements.
HSBC Expands in India to Meet Growing Demand for Wealth Management Services
With HSBC projecting a 50% increase in the number of ultra-high net worth individuals in India by 2028, the expansion is driven by the rising demand for wealth management services. In response, HSBC has been enhancing its offerings, which include launching Global Private Banking in 2023, acquiring L&T Investment Management in 2022, and expanding its Premier Banking proposition in 2024.
Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India, highlighted India’s significance as a crucial market, particularly for affluent and globally mobile clients. The new branches are set to boost HSBC’s wealth and banking services in India while also attracting non-resident Indian clients from around the world.
HSBC Leverages RBI’s New Policy to Strengthen Its Presence and Offerings in India
Currently, HSBC operates in 14 cities, with a newly opened flagship branch in Bengaluru. Furthermore, the RBI’s recent policy allowing overseas banks to open rupee accounts for non-residents is expected to strengthen HSBC’s offerings. This policy enables customers to use their rupee balances for transactions and foreign investments, including foreign direct investments (FDI), creating new opportunities for rupee-based investments in India and further solidifying HSBC’s position in the country.
