HSBC India Secures RBI Approval for 20 New Branches
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Synopsis
HSBC India has received RBI approval to open 20 new bank branches across major cities. This expansion aims to cater to the growing wealth among affluent clients in India and strengthen HSBC's market presence.
Key Takeaways
- HSBC India is opening 20 new branches.
- Approved by the Reserve Bank of India.
- Targeting affluent clients in key cities.
- HSBC's focus on wealth management is expanding.
- India's wealth market is rapidly growing.
Mumbai, Jan 17 (NationPress) HSBC India declared on Thursday that it has received the green light from the Reserve Bank of India (RBI) to establish 20 new bank branches in significant cities.
The cities earmarked for these new branches include Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara, and Vishakhapatnam, as per an HSBC statement.
These locations have been chosen for their increasing wealth concentration, acting as additional access points for affluent, high-net-worth, and ultra-high-net-worth clients with both domestic and international banking and wealth management needs, the statement indicated.
At present, HSBC operates a network of 26 branches across 14 cities in India, which includes a recently opened 8,300 square-foot branch in Bengaluru – the largest in the country thus far.
This expansion underscores HSBC’s dedication to tapping into the wealth potential in India, where it provides a comprehensive range of services and solutions to clients in International Wealth, Premier Banking, and Corporate and Institutional Banking, the statement further noted.
"India represents a crucial market for HSBC, and wealth management in India is a priority," stated Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India. "We aspire to be the go-to international bank for India’s affluent and globally mobile individuals. These new branches will bolster our International Wealth and Premier Banking offerings and enhance our engagement with clients in India and our expanding non-resident clientele worldwide.”
India’s wealth sector is rapidly evolving, with the number of ultra-high-net-worth individuals projected to rise by 50 percent by 2028. To meet the increasing demand for wealth management solutions, HSBC is actively improving its capabilities and offerings in the nation, which includes the launch of Global Private Banking in 2023, the completion of its acquisition of L&T Investment Management in 2022, and the enhancement of its affluent-focused Premier Banking services slated for 2024, as noted in the statement.
