HSBC India has secured approval from the Reserve Bank of India (RBI) to establish 20 new branches in key cities, strengthening its presence in the country’s growing wealth market. The expansion is part of the bank’s strategy to cater to affluent, high net worth, and ultra-high net worth individuals, with a focus on enhancing its International Wealth and Premier Banking services.

The new branches will be strategically located in cities with burgeoning wealth pools, including Amritsar, Bhopal, Bhubaneswar, Dehradun, Faridabad, Indore, Jalandhar, Kanpur, Ludhiana, Lucknow, Mysuru, Nagpur, Nashik, Navi Mumbai, Patna, Rajkot, Surat, Thiruvananthapuram, Vadodara, and Vishakhapatnam.

“India is an important market for HSBC, and wealth in India is a focus,” said Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India. “These new branches will help drive our International Wealth and Premier Banking proposition and strengthen our momentum with both domestic and globally mobile customers.”

India’s wealth market is projected to expand rapidly, with the number of ultra-high net worth individuals expected to grow by 50% by 2028. HSBC has been ramping up its offerings to meet rising demand, including launching Global Private Banking in 2023, acquiring L&T Investment Management in 2022, and enhancing its Premier Banking services in 2024.

With an existing network of 26 branches across 14 cities, including its largest branch in Bengaluru, HSBC has been a trusted financial partner in India for over 170 years, supporting customers locally and globally. This latest expansion underscores HSBC’s commitment to being the preferred international bank for affluent Indians.