World`s largest UK, HSBC bank expands in India

London, Jun 13, 2006
Rameshwar Singh

A new scheme to grab non-resident Indians (NRIs), 22 million worldwide to transfer money into their accounts in India free, opened new branch in Patna recently and in few months, it is also expanding its branches in Raipur, Jodhpur and Lucknow.

Manasije Mishra, senior vice president and head of NRI services of the bank said, "The scheme, launched in the first week of April this year has proved a great success with up to 250 money transfers a day and according to a rough estimate 20 million pounds (US$36.8 million) are transferred from the UK to India in a month."

Mishra, who was here in connection with the opening of HSBC branches in Leeds and Manchester where there is a substantial Asian population, said "we are very keen to invest in India where we see a lot of potential".

He said the bank plans to open its branches in Raipur, Jodhpur and Lucknow in the next few months,

HSBC, which has been in India for over 150 years, so far has 45 branches.

Mishra said according to a recent study, UK NRIs generated 103 billion pounds for the UK economy annually and 80% to 85% of UK work permits were given to Indians.

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In addition to the entire range of NRI Services, based on your requirements, we also offer you a host of convenient services such as assistance in opening a bank account with HSBC Group entities overseas (even while you are still in India!), transfer of your credit history and more. And all this so that you can focus on the other important things while moving overseas