HSBC India Expands; Gets RBI Approval for Opening 20 New Branches

HSBC India, a part of the global HSBC Group, has been operating since 1853 and is headquartered in Mumbai. It offers a wide range of services, including retail banking, wealth management, corporate banking, global banking, commercial banking for SMEs, and private banking for high-net-worth individuals.

Approval from RBI

HSBC India announced on January 17, 2025, that it has secured approval from the Reserve Bank of India (RBI) to open 20 new branches across 20 cities, marking a bold and strategic expansion in the country.

This decision represents a significant shift in the bank’s approach, coming nearly 9 years after it shuttered 24 branches across 14 cities as part of its network consolidation strategy, which focused on transitioning retail and wealth management services to digital platforms.

HSBC India Expansion Vision in India

With the addition of these new branches, HSBC India’s footprint will extend to 46 locations across the country. This contrasts with 2016, when the bank operated 50 branches before opting to close 26—a move that underscores its evolving strategy.

HSBC India Visionary 20 New Branches Location 

The 20 new branches will be established in key cities identified for their burgeoning wealth potential: Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara, and Visakhapatnam.

These cities, characterised by their growing affluence and economic dynamism, have been carefully chosen to cater to the banking needs of high-net-worth and ultra-high-net-worth individuals. HSBC India intends for these branches to act as pivotal access points for clients with both domestic and international wealth aspirations.

HSBC India Focused on UHNI Clients 

HSBC India is strengthening its focus on wealth management, aiming to be the preferred international bank for affluent and globally mobile Indian clients. Sandeep Batra, Head of International Wealth and Premier Banking, highlighted plans to expand their international wealth and premier banking services to cater to both resident and non-resident customers. 

CEO Hitendra Dave emphasised HSBC’s ambition to establish itself as the leading international bank in India, leveraging its global capabilities in a market poised for a 50% surge in ultra-high-net-worth individuals by 2028.

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