With Citi India exiting India’s retail segment, another foreign lender, HSBC, is firming up plans to grab a bigger share of the pie.
While the London-based lender is still deliberating plans on branch expansion, it is building a tech stack to onboard a large section of the first-time salaried class, affluent Indians and the MSME segment as its clients.
“As countries become from lower middle income to middle income and higher, you will find the size of the market for an international bank becomes really large,” Hitendra Dave, chief executive of HSBC India, said in an interview. “We are experiencing this in our wealth segment, mortgages, credit cards, remittances and transaction banking.”
Source:
Economic Times
