HSBC India has received RBI approval to open 20 new bank branches in major cities

HSBC Bank India on Thursday announced that it has received approval from the Reserve Bank of India (RBI) to open 20 new branches of the bank in major 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 a statement by HSBC Bank.

These cities have been identified for their growing wealth groups, which serve as additional points of contact for wealthy and high-net-worth clients with local and international wealth and banking needs.

HSBC currently has a network of 26 branches across 14 cities in India, including a recently opened 8,300 sq ft branch in Bengaluru – the country’s largest to date.

The statement added that this expansion reinforces HSBC’s focus on wealth opportunities in India, offering a full range of solutions and services to clients across international wealth services, priority banking, corporate and institutional banking.

“India is an important market for HSBC and wealth in India is a focus,” said Sandeep Batra, Head of International Wealth and Premium Banking, HSBC India. “We aim to be the international bank of choice for affluent, globally mobile Indians in India. These new branches will help strengthen our international wealth and differentiated banking offerings and build on our momentum with clients in India and our growing non-resident clients across the world.”

The wealth market in India is expanding rapidly, with the number of high net worth individuals alone expected to grow by 50 per cent by 2028. To meet the growing 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 enhancing its affluent-focused premium banking offerings in 2024, the statement said. Notice.