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 of the HSBC statement.
These cities have been identified as their growing wealth hubs, serving as touchpoints for affluent, high-net-worth and high-net-worth clients with domestic and international economic and banking needs, the statement said.
Currently, HSBC has a network of 26 branches across 14 cities in India, including the newly opened 8,300 square-foot branch in Bengaluru – the largest in the country so far.
The expansion strengthens HSBC’s focus on the wealth opportunity in India, where it offers a range of solutions and services to clients across International Wealth and Premier Banking, as well as Corporate and Institutional Banking, the statement added.
“India is an important market for HSBC and wealth in India is highly concentrated,” said Sandeep Batra, Head, International Wealth and Premier Banking, HSBC India. “We aim to be the international bank of choice for affluent and globally mobile Indians. These new branches will help drive our International Wealth and Premier Banking proposition and build our momentum with Indian customers and our growing non-resident customers around the world.”
India’s wealth market is growing rapidly, as the number of high-net-worth individuals alone is set to grow by 50 percent by 2028. To address the growing demand for wealth solutions, HSBC continues to develop 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 the Bank’s Premier Proposition in 2024 focused on the affluent. , the statement said.
