BOMBAY (AFX) - HSBC Holdings PLC said on it will invest 180 mln usd in its fast-growing retail and commercial banking business in India.
The bank said the investment will be carried out by investing 150 mln usd in new capital and another 30 mln usd in retained profits generated by local operations during the year ended March 2004.
"India, along with China, Brazil and Mexico, has been identified by the HSBC group as one of the markets where we see strong growth over the next few years," Niall SK Booker, chief executive officer of HSBC in India, said in a statement.
Booker said the bank's Indian operations have shown strong growth, adding that "the additional capital is expected to support our growth strategy."
The latest investment represents the second tranche of funds to be injected by HSBC into its Indian unit. An investment of 150 mln usd was made in March 2003.
Last year, HSBC acquired a 14 pct stake in India's UTI Bank.
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The bank said the investment will be carried out by investing 150 mln usd in new capital and another 30 mln usd in retained profits generated by local operations during the year ended March 2004.
"India, along with China, Brazil and Mexico, has been identified by the HSBC group as one of the markets where we see strong growth over the next few years," Niall SK Booker, chief executive officer of HSBC in India, said in a statement.
Booker said the bank's Indian operations have shown strong growth, adding that "the additional capital is expected to support our growth strategy."
The latest investment represents the second tranche of funds to be injected by HSBC into its Indian unit. An investment of 150 mln usd was made in March 2003.
Last year, HSBC acquired a 14 pct stake in India's UTI Bank.
jds/pmc/hcw/jsa
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
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