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HSBC plans to expand activities in India

HSBC, one of world's largest banking and financial services organisations, plans to expand its activities in India.

india Updated: Jun 11, 2006 10:20 IST

HSBC, one of the world's largest banking and financial services organisations, plans to expand its activities in India with the opening of its branches in Raipur, Jodhpur and Lucknow in the next few months, a senior bank official said on Sunday.

The bank, which is the first foreign bank to open its branch in Patna recently, has successfully launched a new scheme for 22 million NRIs worldwide to transfer money into their accounts in India free of cost.

"The scheme, launched in the first week of April this year has proved a great success with up to 250 money transfers a day and according to a rough estimate 20 million pounds are transferred from the UK to India in a month," Manasije Mishra, Senior Vice President and Head of NRI services of the bank, told PTI.

Mishra, who was in London in connection with the opening of HSBC branches in Leeds and Manchester where there is a substantial Asian population, said "we are very keen to invest in India where we see a lot of potential."

He said the bank plans to open its branches in Raipur, Jodhpur and Lucknow in the next few months. HSBC, which has been in India for over 150 years, so far has 45 branches.

Mishra said according to a recent study, UK NRIs generated 103 billion pounds for the UK economy annually and 80 to 85 per cent of UK work permits were given to Indians. Fifty six per cent of Indian children in the UK took up professional and managerial roles as adults.

Mishra said 34 per cent of Microsoft and 36 per cent of NASA employees are Indians and one in every nine Indians in the US is a millionaire.

He said 38 per cent of doctors in the US and over 30 per cent in the UK are of Indian origin.

"The 22 million NRIs worldwide expect global banking expertise and a high level of service and HSBC, as a world's local bank, is geared up to provide that service," Mishra said.

HSBC group has over 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa and caters to more than 110 million customers, he said, adding that the bank earned a profit of Rs 330 crores in India alone in 2004-05.