London-headquartered HSBC will expand its footprint in India with the launch of a new office and branches.
HSBC has launched a new office in India’s Gujarat International Finance Tec-City (GIFT City), according to a statement. The office boasts 12,550 square feet of space and will make HSBC the only international bank to offer a full spectrum of products and services to clients.
This includes wealth management services to premier and private banking clients, such as foreign currency banking accounts, USD fixed deposits and innovative dollar-denominated investment products. In wholesale banking, HSBC will provide a range of financial instruments to support clients in managing foreign exchange, risk, liquidity and more.
GIFT City is a financial center and special economic zone in Gujarat, a western state in India.
Wealth Expansion
In addition, the bank has also announced that it has received approval from the Reserve Bank of India to open 20 new branches in key cities within the country. The cities are Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara and Vishakhapatnam.
Currently, HSBC has a network of 26 branches across 14 cities in India, including a recently inaugurated branch in Bengaluru with 8,300 square feet of space.
«India is an important market for HSBC and wealth in India is a focus. We’re aiming to be the preferred international bank for India’s affluent and globally mobile Indians,» said Sandeep Batra, head, international wealth and premier banking, HSBC India.
