HSBC hints at more investment in the country
Hoping to benefit hugely from the India-growth story, global banking major HSBC, hinted at more investments in the country once the regulatory environment permitted it.
The bank is understood to be open to adopting the inorganic route to grow in the Indian market as and when the regulatory environment becomes conducive for it.
"We are waiting for the right market opportunities in India and will increase our investment here, as and when the regulator allows us," HSBC's Head of Personal Financial Services, Asia-Pacific, Nicholas G Winsor, told PTI.
Winsor said the bank has identified India as one of its key markets and would strive to strengthen itself in the mass-affluent segment where it is already a major player with an estimated 10 per cent market share.
"This is an area where we will continue to expand in the times ahead. It has an estimated ten per cent market share in the segment presently--we have seen a healthy growth in this portfolio at around 25-30 per cent in the past four months," Winsor said.
Presently, HSBC has 47 branches in the country, which will be increased over a period, said Winsor. "We have applied to the Reserve Bank for opening more branches in the country," he said.
However, he declined to disclose further details of its branch expansion programme.