HSBC Holdings Plc is aiming to establish itself in India’s private banking market as the bank doubles down across three verticals: wealth, transaction banking and “globality”.
In a recent interview, HSBC’s India CEO – Hitendra Dave – spoke on the bank’s ambitions in the world’s fastest growing economy.
“Our ambition is to become one of the top four or five private banks in India by 2030,” the CEO said in an interview. Dave referred to the wealth management vertical of the UK bank.
HSBC’s main rivals in India’s banking market include ICICI Bank Ltd and Kotak Mahindra Ltd.
Standard Chartered Plc and Barclays Plc are also growing their wealth management businesses in India yet India’s local rivals are also acquiring foreign banks’ wealth management arms. Kotak agreed to acquire Deutsche Bank AG’s retail and wealth management firms in India earlier this year.
However, foreign banks face higher barriers to entry than domestic banks.
HSBC plans to expand its offering to 46 branches across 34 cities in India over the next two years. New locations include Bhubaneswar (east), Rajkot (west), Jalandhar (north) and Mysuru (south).
Currently Standard Chartered has the largest network among foreign banks in the country with 80 branches.
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