Mumbai: An expected recovery in the bank
credit in the next few months may push up interest rates in
the later part of the current fiscal, a top foreign banker
on Thursday said.
"When the credit off take picks up (in the next few
months), interest rates can go up," HSBC India Head Naina Lal
Kidwai told reporters here.
Sectors which are primarily not dependent on exports and
driven by domestic demand, are likely to show revival in the
months ahead and may attract more investments, Kidwai said.
HSBC, which has been reducing its dependence on unsecured
consumer loans in the face of difficult market conditions, has
seen a healthy growth in the secured loan portfolio, Kidwai
said.
The bank did not have any plans to enter into the vehicle
finance business and will focus more on the NRI segment in the
period ahead, she said.
The lender, which acquired leading Indian brokerage IL&FS
Investsmart late last year by purchasing a 93.86 per cent
stake, today rebranded the brokerage as HSBC InvestDirect.
HSBC InvestDirect currently operates through 77 branches
and 151 franchises in the country. It expects to become a
major player in the retail broking space in line with the
recovery in the country's IPO market, Kidwai said.
The brokerage has a client-base of 1.6 lakh and offers
products and services to customers in the areas of advisory,
trading and NRO services.
HSBC has plans to open branches in three locations in the
near future. These are Guwahati, Nashik and Surat, Kidwai
said.
Bureau Report
First Published: Thursday, August 13, 2009, 21:25