Financial Daily from THE HINDU group of publications
Saturday, Nov 26, 2005
Financial Daily from THE HINDU group of publications Saturday, Nov 26, 2005 |
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Foreign Banks Money & Banking - Announcements Organic growth first choice: HSBC ready to pump in more capital Our Bureau
BULLISH ON INDIA: Sir John Bond (left), Group Chairman, HSBC Holdings Plc, with Mr Niall S.K. Booker, Group General Manager & CEO, HSBC India, at a press conference in the Capital on Friday. - Kamal Narang
New Delhi , Nov. 25 GLOBAL banking and financial services major, the HSBC Group is bullish about the economic prospects of India. The Group Chairman of HSBC Holdings Plc, Sir John Bond, said HSBC was ready to invest more financial capital in any way that was acceptable to the Indian Government and regulatory authorities. "The route number one for growth for HSBC is organic growth and that's what we plan to use as the main thrust for expanding business in this attractive environment. India has one of the fastest economic growth rates in the world and in our judgment, there are very exciting prospects of even higher economic growth," Sir John told a press conference here on Friday. HSBC is eyeing entry into the Indian life insurance market. It also has a non-banking finance company (NBFC) licence application pending before the Reserve Bank of India. Asked to comment on the pace of economic reforms, Sir John said the pace of economic reforms taking place in India was enormously impressive. He said the economic potential here was likely to be sustained long into the future. The HSBC Group had injected capital of $150 million in its businesses this year. The purpose of the investment was to achieve organic growth in the Indian market, Sir John said. He also said that HSBC did not see acquisition as the core of its strategy anywhere in the 77 countries in which it has operations. "We have retained the dividend for last year and also reinvested the profits that we made for the first quarter in this country," Sir John said. HSBC India's profits and revenues grew by over 20 per cent last fiscal. India represents less than one per cent of the global revenues of the HSBC Group. For the first six months of 2005, the HSBC Group had recorded a pre-tax profit of $10.64 billion. Nearly 30 per cent of the software requirements of the HSBC Group is developed in India. HSBC Holdings Plc's Group Chief Executive, Mr Stephen K. Green, said HSBC would like to develop its bank branch network in India. Last year, three branches were opened in the country.
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