HSBC India on Friday said it has received approval from the Reserve Bank of India to open 20 new branches in key cities including Navi Mumbai, Lucknow, Mysuru, Nagpur and Nashik. The expansion reinforces the lender’s focus on the wealth opportunity in India.
The new branches will be in cities identified for their growing wealth pools, serving as additional touchpoints for affluent, high net worth and ultra-high net worth clients with domestic and international wealth and banking needs, it said.
“India is an important market for HSBC and wealth in India is a focus,” said Sandeep Batra, head of international wealth and premier banking at HSBC India.
“We’re aiming to be the preferred international bank for India’s affluent and globally mobile Indians. These new branches will help drive our International Wealth and Premier Banking proposition and build on our momentum with customers in India and our growing non-resident clientele around the world,” he added.