HSBC Expands Again in India with 20 New Branches

HSBC is set to expand its footprint in India by opening 20 new branches across multiple cities, as the company aims to enhance their International Wealth and Premier Banking services. Additionally, HCL Tech marks a milestone of 25 years on its listing, reflecting significant shareholder growth. Union Mutual Fund introduces a Short Duration Debt Fund tailored for strategic investment.

HSBC is making a significant return to brick-and-mortar banking in India by opening 20 branches eight years after it significantly reduced its presence. The move, approved by the RBI, aligns with the bank's strategy to boost International Wealth and Premier Banking services, targeting both domestic and global clients.

Cities like Dehradun, Faridabad, and Kanpur, among others, will soon see new HSBC branches, marking a pivotal growth phase for the bank. This expansion highlights HSBC's commitment to its Indian market and non-resident clientele, said Sandeep Batra, head of international wealth and premier banking at HSBC.

Meanwhile, HCL Tech celebrates a milestone of 25 years since going public, rewarding early investors with substantial returns. Additionally, Union Mutual Fund has ventured into the short-term debt fund space, launching the 'Union Short Duration Fund' to cater to investors seeking strategic short-term investments.

(With inputs from agencies.)