HSBC India is set to expand its presence across the country, with the Reserve Bank of India approving the opening of 20 new branches in strategic locations. Known for its exclusivity and catering to high-net-worth individuals, HSBC aims to strengthen its footprint in India’s fast-growing wealth market.
The selected cities include Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara, and Vishakhapatnam—all recognized for their burgeoning wealth pools. The new branches will focus on providing both domestic and international banking and wealth management services tailored to affluent clients.
Currently, HSBC operates 26 branches in 14 cities across India. This expansion, which will bring the total to 46 branches, marks a shift back to a physical presence after a period of digital consolidation when 24 branches were closed nearly a decade ago. The bank’s recent focus on digital services has now evolved into a strategy aimed at combining personalized physical interactions with digital offerings to meet customer demand.
Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India, highlighted the importance of this move: “India is a key market for HSBC, and we aim to be the preferred international bank for India’s affluent and globally mobile population. These new branches will strengthen our International Wealth and Premier Banking services while enhancing our reach to both local and non-resident clients.”
HSBC India’s CEO, Hitendra Dave, emphasized the growing demand for high-quality, personalized banking services: “The market is underserved in meeting the needs of affluent customers seeking customized solutions. This presents a significant opportunity for HSBC to grow and differentiate itself.”
Also read | YES BANK CREDIT CARDS – EARN 1,000 BONUS YES REWARDZ POINTS
The expansion aligns with HSBC’s broader efforts to cater to India’s growing high-net-worth population, offering sophisticated financial solutions with global reach. Recent initiatives, such as the launch of Global Private Banking in 2023 and the acquisition of L&T Investment Management in 2022, underscore HSBC’s commitment to providing comprehensive wealth management services.
The bank’s new branches will not only cater to domestic clients but also strengthen HSBC’s position as a top choice for wealthy Indians with international banking needs. As India’s middle class grows and the economy expands, HSBC aims to leverage its global network and expertise to serve clients seeking advanced banking solutions.
With this move, HSBC reaffirms its role as a trusted partner for high-net-worth individuals navigating India’s evolving economic landscape.
For more such latest updates, click here.