'HSBC's clients don't want to miss the India opportunity'

HSBC Holdings Plc is witnessing rising interest from its global clients to come to India. Barry O’Byrne, chief executive of HSBC’s global commercial banking, said in an interview that a number of international customers are now actively talking about their India strategy, and eyeing opportunities in a market of 1.4 billion. Edited excerpts:

- Shayan Ghosh

 

What is the role of the commercial banking division at the bank?

Most of our customers have an aspiration to go global. In terms of the bank, commercial banking segment accounts for about 32% of the profit before tax, globally. We have gone on a big journey of transformation. And that goes for India, too. Our ability to work with customers as they internationalize, is our big differentiator. Helping Indian businesses transact, and trade and operate around the world, is hugely important to us, as is helping inbound companies showing huge interest and demand for India. In India, we have traditionally had a big focus on corporates, and the mid-market segment, but we are really ramping up our attention on business banking and SMEs (small and medium enterprises) now as well.

There is a significant opportunity here for us as an international bank and a significant opportunity that is unique to India, given the investment the government has made, and the capability a bank like ours has. We have got a global strategy and we deploy it and tailor it in different markets. India is very much a strategic market for us given its size and scale, but more importantly its potential.

How do HSBC’s clients see India?