Mumbai, Jan 17 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.
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.
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.
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.
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.
"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.”
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.
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