India's fastest growing market: HSBC

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Global banking major HSBC is keen to expand its operations in India, which is its fastest growing market in the world, a top HSBC official said.

"There are a lot of opportunities in this country and it has been our fastest growing market. We achieved 64 per cent growth in the past fiscal," HSBC's country head Naina Lal Kidwai said.

HSBC is the largest player in the asset management business, with assets worth over USD 12-billion dollars under management as of now, including the offshore business, said Kidwai.

The bank has also plans to largely explore the business opportunities in different segments, such as insurance, investment banking, Naina said.

"All these sectors still remain largely under penetrated, which promises a lot of opportunities to the participants," she said.

HSBC had entered into an insurance joint venture with Canara Bank and Oriental Bank of Commerce in India, in which HSBC has 26 per cent stake, while Canara bank is the majority stake holder with 51 per cent stake.

Kidwai also pointed out the rapidly increasing prominence of the Small and Medium Enterprises (SME) in the domestic market is contributing significantly to the national GDP.