India among hsbc's top 4 priority growth markets says ceo georges elhedery
Mumbai: India is set to become the third-largest economy by the end of this decade, and it is among HSBC's top four priority growth markets worldwide, group chief executive Georges Elhedery told ET on his first visit to the country since taking the top job at Britain's most-valued lender last autumn.Elhedery said he is ‘extremely optimistic‘ about India's potential despite the recent geopolitical tensions, explaining in part why HSBC has broken ranks with its peers on expanding retail banking in the country.
‘India is uniquely positioned, frankly, on this planet as a massive growth opportunity.’
HSBC operates in 20 cities with 26 branches, and has got RBI approval for 20 more branches. ‘We have a lot of opportunities to grow our market share given the scarcity of some of the competitors,’ said Elhedery, referring to a comprehensive suite of services that provide customers a global view and network access.
Currently, HSBC India's share in global revenue is 3.3% and its share of profit before tax is 5.2%.
Elhedery added that HSBC will keep investing in India by deploying more resources in both the corporate and institutional space, as well as in premier banking.
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