A recent press report said that HSBC is aiming to reach $1 billion in profit before tax in India, in the medium term. The bank said that it expects India to join Hong Kong and mainland China as ‘billion-dollar’ businesses.
Reports said that the strategic focus for India is to lead financing for the country’s top domestic and international companies while tapping into mass affluent overseas Indian population to grow wealth management, nearly $700 million in 2010 in India.
Ms Naina Lal Kidwai, Group General Manager and Country Head, HSBC in India, said that the Group and Asia strategy reinsists the Group’s confidence in emerging markets because India is about potential and performance. HSBC India has recorded its highest profits ever in 2010 and will work towards improving its performance in India.
Mr Stuart A. Davis, Chief Executive, HSBC India said that India is one of the fastest growing economies in the world, and despite inflationary pressures it is expected to grow at 8 per cent in the current financial year.
HSBC the renowned HSBC home loan and other loan provider has made nearly $700 million in 2010 in India.