HSBC India GIFT City unit tops $20 billion since 2021
HSBC India's GIFT City unit just crossed a $20 billion balance sheet since starting up in 2021.
That's almost twice as much as other global banks there, showing HSBC is serious about making moves in international finance.
Across all institutions at GIFT City, the total balance sheet might be about $250 billion in just five or six years, a sign investors are feeling confident and the regulations are working well.
HSBC India focuses on underwriting distribution
HSBC India is focusing on things like underwriting, distribution, and helping nonresident Indians connect to global markets, all within India's time zone.
CEO Hitendra Dave is optimistic about expanding into sectors like aviation and insurance, but admits GIFT City still has some catching up to do with big financial hubs like Singapore and Hong Kong.