HSBC India said today that it has received approval from the Reserve Bank of India to open 20 new bank branches in key cities.
The new branches will be in cities 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, according to a statement by the UK bank.
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.
“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.
To address rising demand for wealth solutions, HSBC continues to enhance its capabilities and offering 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.
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.
Separately, HSBC announced that it has expanded its operations in Gujarat International Finance Tec-City (GIFT City) with the opening 12,550 sq. ft office premises.
This enables HSBC to leverage GIFT City’s world-class infrastructure and business-friendly environment to provide enhanced offerings to its clients, particularly in the wealth management space, according to a press release.
HSBC’s enhanced wealth management services in GIFT City are designed to meet the growing needs of our premier and private banking clients who want to invest in global markets as well as non-resident Indians seeking investment opportunities in India. This includes foreign currency banking accounts, US dollar fixed deposits and dollar denominated investment products among others.
HSBC’s operations in GIFT City started in January 2021 and it was the first international bank to get investment banking permission and foreign portfolio license.
