HSBC is targeting a top-five position among private sector banks in India, with a strategy anchored in global connectivity, transaction banking, and wealth management, according to its India CEO Hitendra Dave.
“We believe we can add significant value to the ‘global Indian’… that’s our core proposition: to be the global bank of India,” Dave said in an interview with CNBC-TV18, outlining the bank’s growth ambitions in one of its key markets.
He said HSBC’s strategy focuses on supporting Indian companies expanding overseas, multinational firms entering India, and affluent individuals seeking global investment opportunities. The bank is also stepping up its presence in innovation banking, targeting new-age companies through a dedicated platform.
Trade finance remains another core strength, with Dave noting that HSBC is among the largest trade banks globally. In addition, the bank is seeing strong traction in wealth management, including its Premier segment and credit card business, alongside steady growth in low-cost deposits.
“With our balance sheet strength, trust, and team, if we are not among the top five private banks in India and growing faster than the industry, then we haven’t done a good job,” he said.
On expansion, Dave said the bank is open to both organic growth and acquisitions. “Over a few years, we could effectively build another bank of our current size,” he said, while adding that HSBC would also evaluate mergers and acquisitions if they align with its global strategy.
He indicated that transaction banking and wealth are key areas of interest for potential deals. “We want to be the leading transaction bank in the world. Anything that enhances our transaction banking capabilities, we would consider,” he said.
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Addressing technology, Dave said artificial intelligence is already being deployed across operations, particularly in transaction monitoring and fraud detection. “We process millions of transactions daily, and AI helps us detect suspicious activity far more efficiently,” he said, while cautioning that risks around cybersecurity and responsible usage remain.
Looking ahead, Dave expressed confidence in HSBC’s India trajectory but acknowledged external uncertainties. “We believe the next five years should belong to us, but that will ultimately depend on consistent performance quarter after quarter,” he said.
