The Hindu Business Line : HSBC sees retail pie growing 50 pc

HONGKONG and Shanghai Banking Corporation Ltd (HSBC) is expecting a 50 per cent growth in its retail loans portfolio in the current fiscal through a focus on housing loans and wealth management.

Said Mr Nicholas G. Winsor, Head (Personal Financial Services), India, HSBC, the bank has a retail loans portfolio of Rs 3,500 crore, of which housing loans are a significant Rs 2,000 crore for the year ended March 2004.

Mr Winsor did not rule out the possibility of HSBC entering the personal banking business, but did not specify a timeframe for the initiative.

On expanding its network, the bank will open a few branches by the end of this year. New branches in Vadodara and Indore are on the cards.

Mr Winsor was speaking at a press conference to announce the launch of `MyTerms Credit,' a personal loan product offering flexible repayment terms to customers.

The various payment options include lower EMI payments in the first year in which a customer can choose to pay a lower monthly repayment instalment in the initial year and a higher repayment from the second year onwards. Interest will be charged only on the amount drawn-down in another option where the customer will be given the flexibility to pay interest on the portion of the amount they use and not on the entire amount of the facility available.

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