HSBC India expects to maintain growth at 22%

Last Updated: Thursday, April 12, 2012 - 17:45

Kolkata: Global banking major HSBC on Thursday said it expects to maintain its last year's growth rate of 22 percent in India during the current year as well.

"Last year, we grew by 22 percent. There is no reason to believe why the growth this year will be lower than that," HSBC Director Asia Pacific and India Country Head Naina Lal Kidwai told reporters here on Thursday.

She said India is the sixth largest contributor to the global revenue of HSBC, after the UK, US, Canada, China and Brazil.

With only 50 branches in India, the bank is the leader in wealth management and is also doing well in banking, insurance, asset management and other sectors, she said.

"All businesses are powering ahead," Kidwai said. She said there was no correlation between the economic slowdown which the country is facing and growth in banks' business.

She added that the global resourcing business at Salt Lake in the metropolis was doing extremely well.

"At present, we have 3,000 people working there. There will be a slight increase in strength," she said.

To a query, she said the bank does not have any plans to go for IDRs like Standard Chartered.


First Published: Thursday, April 12, 2012 - 17:45
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