HSBC India charts out expansion strategy

Bullish on its growth prospects, HSBC India plans to expand its presence in India with more customer acquisitions and growth in the balance sheet. It is likewise exploring the possibility of expanding its branch network in the nation.

“India is recognized as a market where we will have the most possible opportunity to serve our clients well, get things do things the nation, have an effect on society,” said Hitendra Dave, General Manager and CEO, HSBC India.

In communication with BusinessLine, Dave, who is just about to complete one year at the helm of the bank, said the lender needs to acquire more clients in the nation and increase its balance sheet both on liabilities and assets.

“We are looking to definitively become the number of clients we serve across all segments. One part of our strategy is to gain more clients, and the second part is to increase our accounting report, both on liabilities as well as on assets. We are trusting that a blend of these two will give us around 50% higher profitability over the medium term in India and GIFT City,” said Dave.

India was the fourth-biggest contributor to HSBC Group profits in 2021.

Dave said the bank accepts there is growth potential across segments in India, yet the most exciting opportunity for the bank stays in MSME and retail segments.