(28 October 2009 – Australia) HSBC has launched a new niche banking service specifically for Indian communities in Australia to support the growing population which has already topped 240,000.The bank has announced that it is setting up a dedicated team to supply global financial services to non-resident Indians in Australia.
HSBC currently operates the same non-resident banking proposition in the USA, UK, UAE and Canada.
The new business will offer the banking products of HSBC Australia and will also refer customer enquiries to HSBC India.
Graham Heunis, head of personal finance services, HSBC Australia, said in a statement that the new service makes commercial sense because Australia has one of the fastest growing Indian communities in the world.
Also, non-resident Indians tend to maintain strong banking affiliations with India, so there’s a real demand from the Indian community to access financial services, Mr Heunis added.