HSBC opens branch in Vadodara

The Hongkong and Shanghai Banking Corporation (HSBC) opened its 39 branch in India and the second in Gujarat at Vadodara on Friday. HSBC is also planning to open three more branches shortly.

At present, HSBC offers a full range of banking and financial services in 20 cities through over 35 branches across the nation. HSBC has Surat in Gujarat on its road map in Gujarat.

"We launched our services to launch in Vadodara due to its wide base of industrial activities. At the same time, the earning capacity in Vadodara is also increasing rapidly. We have aggressive targets for Vadodara market. We are also planning to open next branch in Surat in state in view of its huge potential," said Niall S K Booker, CEO of HSBC India.

HSBC is opening a new branch at Nagpur in Maharashtra by the second half of 2005. HSBC has already received permission from the Reserve Bank of India to open branches in West Delhi and Pune.

The branch in Vadodara will provide a range of personal and commercial banking products and services including financial planning services for its 'Premier' and 'Power Vantage' account holders.

Stressing on bank's focus on personal finance, Nicholas G Winsor, head of personal financial services, said: "We have a strong presence in credit card market backed with wide international network. We are aiming at strengthening the same. Similarly, we are a serious player in home finance arena too that has a great potential in India in view of booming housing market."

HSBC has a credit card base of nearly 8,00,000 customers in India and network of about 150 ATMs across the nation.