HSBC plans India equity broking return after 13 years amid IPO boom, sources say
The bank is hiring senior executives for cash equities and institutional broking roles, they add
HSBC is preparing to reintroduce its equity broking services in India after a 13-year hiatus, according to industry sources. The London-based bank is focusing on capitalizing on a surge in share sales and rising demand for equity market products among wealthier clients, sources told Reuters. The decision to leave India's retail brokerage and depository business in 2013 has been reversed, signaling the growing significance of India's capital markets and wealth management sector to global banks.
HSBC is currently in the process of building its equities platform in the country, hiring senior executives for cash equities and institutional broking roles. The bank aims to leverage digital capabilities and cater to retail brokerage business, taking advantage of increased phone penetration and direct access to capital markets among Indian customers.
HSBC already holds a broking license through HSBC InvestDirect Securities (India) and plans to utilize it to revive the business. The bank is expected to launch retail broking services in the coming months as India's equity markets see a surge in retail participation and a strong pipeline of initial public offerings.
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