Comments
HSBC is aiming to reach $1 billion in profit before tax in India, in the medium term.
In its strategy for Asia outlined in London recently, the bank said that it expects India to join Hong Kong and mainland China as ‘billion-dollar' businesses.
HSBC had made nearly $700 million in 2010 in India.
For the current year, the strategic focus for India is to lead financing for the country's top domestic and international companies while tapping into mass affluent overseas Indian population to grow wealth management.
Ms Naina Lal Kidwai, Group General Manager and Country Head, HSBC in India, said, “The Group and Asia strategy reaffirms the Group's confidence in emerging markets. The India story is about potential and performance.
“HSBC India recorded its highest profits ever in 2010 and will work towards improving its performance in India.”
India is one of the fastest growing economies in the world, and despite inflationary pressures is expected to grow at 8 per cent in the current financial year.
This economic prosperity is fuelling growth across segments, from large corporates to the increasing mass affluent segment, said Mr Stuart A. Davis, Chief Executive, HSBC India.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.