Moved by the rapid growth of the retail industry in India, HSBC (Hongkong and Shanghai Banking Corporation) India, are all set to make foray into the market with plans to adopt retail brokerage shortly.
Naina Lal Kidwai, Group General Manager and Country Head, HSBC India, in a statement said that these endeavors of HSBC are adopted to provide assistance to the retail investors to develop the booming retail sector.
She said the bank has already made a strong presence in the domestic equity market and are thus looking forward to venture in the field of retail. “We are deeply entrenched in equity largely through our custodial business. About 40 per cent of all FII money in India is in custody with us” she said.
According to Kidwai, the wealth management segment of the bank is pretty strong and thus they are looking forward to either acquire a retail brokerage or set up an in-house one.
Addressing a press conference in Mumbai, Sandy Flockhart, Chief Executive Officer and Global Head of Commercial Banking of HSBC Ltd said that the bank is also akin to spread their business in India and are focusing in India’s middle market and SME segment.
He said India will continuously have strong growth as it regularly gets good half-yearly results.