HSBC Makes Big Push for Affluent Clients in India to Fuel Growth
HSBC Holdings Plc is aiming to challenge India’s private-sector banks, betting that the country’s swelling pool of affluent customers and globally connected citizens can fuel its next phase of growth as it pushes deeper into smaller cities.
HSBC is aggressively targeting affluent Indian clients to fuel its growth, aiming to challenge the country's private-sector banks and become one of the top four or five private banks in India by 2030. The London-based lender plans to expand its presence in India from 34 branches to 46 branches across 34 cities over the next two years, focusing on wealth management, transaction banking, and globality.
HSBC CEO Hitendra Dave emphasizes the growing number of wealthy individuals in smaller cities, where the bank sees an opportunity to cater to clients with financial lives, businesses, and wealth spanning borders. The growth drive puts HSBC in direct competition with local rivals like ICICI Bank and Kotak Mahindra, as well as global lenders such as Citigroup and Barclays, who are also expanding their wealth management businesses in India.
Domestic banks are scaling up, while firms founded by senior bankers vie for clients and talent, driving pay for relationship managers to record highs. HSBC, along with other foreign banks, faces tighter restrictions on opening branches compared to domestic rivals, making it challenging to build nationwide networks.
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