• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

The bank is planning investments of about $400 million in the Indian market, which would take its cumulative investment to $1 billion.

Mumbai , Oct. 6

HONGKONG and Shanghai Banking Corporation Ltd (HSBC) is looking at acquisitions in India subject to availability of opportunity and regulatory provisions.

"Opportunistic acquisitions would be looked at if regulations allow so," Mr Michael Smith, Chief Executive Officer, HSBC, told presspersons here on Wednesday.

The bank would keenly pursue organic growth through areas such as asset management, private banking and personal financial services market. Mr Smith said, although the bank would continue to grow it would closely watch profitability in each area of business.

The bank is planning investments of about $400 million in the Indian market, which would take its cumulative investment to $1 billion. Mr Neill Booker, CEO, India, HSBC, said that no time frame was decided as yet for these investments.

At present, the bank's Indian investments stands at around $600 million including the financial investments in UTI Bank, said Mr Booker.

The bank also plans to open new branches of which three branches would be opened in this year taking the total number of branches to 40. Another 5 - 10 branches would be set up later.

In order to support functions catering to global requirements of HSBC, the bank is planning to open a service centre in India.

This would help front-end operations in other countries through credit analysis, equity analysis, data collection and other functions, said Mr Smith. French speaking people would be required for manning this centre.

This would be in addition to centres at Bangalore, Visakhapatnam and Hyderabad.

Profits through banking operations of HSBC India witnessed a 40 per cent growth for the January to June half of 2004 as it reached $86 million for the period.

More Stories on : Foreign Banks | Mergers & Acquisitions

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rupee steady; gilts in range

Copyright © 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line