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HSBC Eying Bigger Share In Indian Banking; IDBI To Raise Rs. 12.8 Cr By Year End

To achieve cost reduction by diversifying source of funds, IDBI bank is now planning to raise Rs.12875 crore by January. The previous plan was to raise Rs.7416 crore as offshore fund; already Rs.3708 crore has been collected and it seems that the bank is searching for new markets to get more.

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Coming to HSBC, Foreign entities especially banks have always had a restriction in expansion in the country. HSBC, one of the fast growing foreign banks expressed its concern about the stringent rules of RBI for foreign banks.


HSBC - World's local bank

Even though HSBC has only 50 branches in India, the share from the country is the sixth highest in the world. Foreign banks account for less than 7% banking business in the country and HSBC contributes to 2% of it.

One of the top officials of the bank mentioned that India was always their preference and the fast growing economy of the country will be an added advantage. This major world player expects some discussion on tax implications for converting into subsidiaries from being a branch of global entities.

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