• PAGE ONE
• INDEX
• HOME

HSBC to open 4 more branches

Our Bureau

AHMEDABAD, Dec. 5

HONGKONG and Shanghai Banking Corporation (HSBC), which launched its 27th full-fledged branch here, is on course to launch four new branches during the next fiscal starting January 2001. While the Chandigarh branch is scheduled to get going by March next , the other three include Coimbatore, Pune and Bhubaneshwar, thus taking up the tally to 31.

Mr Zarir J Cama, CEO (India) of HSBC, told newspersons that HSBC would double the work force at the Electronic Data Processing (India) Private Ltd, set up in Hyderabad in October, presently at 1,500, by 2002. The same time-frame would also see the bank's ATMs, currently around 80, going up to 250, he added.

HSBC was scheduled to extend the ``private clients service'' range of products to Chennai and Hyderabad by March, said Mr V S Radhakrishnan, senior manager (Western India) of HSBC. The services currently available in Delhi, Mumbai, Calcutta and Bangalore include equity, debt instruments, badla and demat amongst its products, he added.

The Ahmedabad branch, which began its operations about a month ago, has already notched up business to the tune of Rs 4.5 crore. HSBC, which currently boasts of 7,50,000 customers in India, has set a target of Rs 100 crore in liabilities and Rs 40 crore in retail assets in the next two years from the Ahmedabad branch.