RBI Approves HSBC India's Expansion with 20 New Branches

HSBC India has received approval from the Reserve Bank of India (RBI) to open 20 new branches across key cities, marking the largest expansion allowed to a foreign bank by the RBI in over ten years.

Targeted Cities for Expansion
The new branches will be located in the following cities:

• Amritsar
• Bhopal
• Bhubaneswar
• Dehradun
• Faridabad
• Indore
• Jalandhar
• Kanpur
• Ludhiana
• Lucknow
• Mysuru
• Nagpur
• Nashik
• Navi Mumbai
• Patna
• Rajkot
• Surat
• Thiruvananthapuram
• Vadodara
• Vishakhapatnam

These cities have been selected due to their growing wealth, positioning HSBC to cater to affluent, high-net-worth, and ultra-high-net-worth clients with both domestic and international banking needs.

Shift in Strategic Direction
This expansion marks a departure from HSBC’s 2016 strategy, when the bank closed 24 branches across 14 cities to focus on online retail and wealth management. With the addition of these new branches, HSBC India's total branch count will rise to 46, reaffirming its commitment to a physical presence in India’s expanding wealth markets.

Focus on India’s Growing Wealth Market
India’s wealth market is rapidly growing, with the number of ultra-high-net-worth individuals expected to increase by 50% by 2028. To meet the rising demand for wealth management solutions, HSBC has been strengthening its presence in the country by launching Global Private Banking in 2023, acquiring L&T Investment Management in 2022, and enhancing its Premier Banking services for affluent clients in 2024.

Leadership Comments
Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India, said, “India is a crucial market for HSBC, and wealth management is a key focus. Our goal is to be the preferred international bank for India’s affluent and globally mobile clients. These new branches will support our International Wealth and Premier Banking offerings, further strengthening our connections with customers in India and our expanding non-resident clientele globally.”