HSBC to boost India business
(11 March 2005 – India) HSBC is investing US$180 million in its India operations in a bid to expand its retail and commercial banking businesses.
The bank is also seeking to raise the capital adequacy ratio of its Indian division to 13.5 percent from 10 percent as of the end of 2004.
"India, along with China, Brazil and Mexico has been identified by the HSBC group as one of the markets where we see strong growth over the next five years," HSBC’s chief executive for India, Niall Booker, said.
HSBC plans to inject some US$150 million of fresh capital into the business as well as using US$30 million it made in profit in India during 2003 to 2004.
"India, along with China, Brazil and Mexico has been identified by the HSBC group as one of the markets where we see strong growth over the next five years," HSBC’s chief executive for India, Niall Booker, said.
HSBC plans to inject some US$150 million of fresh capital into the business as well as using US$30 million it made in profit in India during 2003 to 2004.
Subscribe