The chief executive of HSBC’s business in India has announced plans to expand the bank’s offerings in the country to build a large personal banking business.

In an interview with Reuters, Hitendra Dave said that the company, which launched its Indian private bank in July, will offer wealth management services, digital credit cards and personal loans to the country’s fast-growing population of high-earning professionals.

Dave told the newswire that while the bank has historically operated in India, the country has been a low priority for HSBC. However, Dave added that significant expansion to India’s pulling power to the financial sector has informed a reevaluation.

He said: "What has changed in the last three years is that the target market for HSBC in India has exploded. We intend to build a very large retail, or what we call a personal, banking business."

A key focus of this business will be Indian professionals who have seen a significant rise in spending power over the past few years, with HSBC to launch a "digital card issuance programme" and digital loan product “fairly soon”. It will target ultra high net worth customers – typically defined as those with a net worth of over $30 million – alongside financially stable professionals.

As part of HSBC’s Indian retail banking expansion, the company will invest in its technology stack and plans to grow its branch network.

HSBC has shifted its focus in recent years to be more oriented around Asian markets, and last week agreed to buy Citigroup's $3.6 billion retail wealth management portfolio in China.

The bank also recently acquired the remaining 50 per cent stake in HSBC Life China and has launched private banking initiatives across China and other nations in the region.

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