HSBC India gets RBI nod to open 20 new bank branches in key cities
Published on Jan 17, 2025
By IANS
- MUMBAI — HSBC
India on Thursday announced that it has received approval from the Reserve Bank
of India (RBI) to open 20 new bank branches in key cities.
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- The cities where the new branches will be opened are
Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur,
Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat,
Thiruvananthapuram, Vadodara, and Vishakhapatnam, according to an HSBC
statement.
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- These cities have been identified for their growing wealth
pools, serving as additional touchpoints for affluent, high net worth and
ultra-high net worth clients with domestic and international wealth and banking
needs, the statement said.
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- Currently, HSBC has a network of 26 branches across 14
cities in India, including a recently inaugurated 8,300 square-foot branch in
Bengaluru – its largest in the country to date.
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- The expansion reinforces HSBC’s focus on the wealth opportunity
in India, where it is offering a full spectrum of solutions and services to
clients across International Wealth and Premier Banking, and Corporate and
Institutional Banking, the statement added.
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- "India is an important market for HSBC and wealth in
India is a focus," said Sandeep Batra, Head, International Wealth and
Premier Banking, HSBC India. "We’re aiming to be the preferred
international bank for India’s affluent and globally mobile Indians. These new
branches will help drive our International Wealth and Premier Banking
proposition and build on our momentum with customers in India and our growing
non-resident clientele around the world.”
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- India’s wealth market is expanding rapidly, with the number
of ultra-high-net-worth individuals alone set to grow by 50 per cent by 2028.
To address the rising demand for wealth solutions, HSBC continues to enhance
its capabilities and offerings in the country, including launching Global
Private Banking in 2023, completing its acquisition of L&T Investment
Management in 2022, and strengthening its affluent-focused Premier Banking
proposition in 2024, the statement observed.
