HSBC is expanding its operations in India's Gujarat International Finance Tec-City with the launch of a wealth management offering.

The new services will meet the needs of clients wanting to invest in global markets as well as non-resident Indians seeking investment opportunities in India, HSBC said in a statement.

HSBC, which launched operations at GIFT City in January 2021, was the first global bank to get an investment banking permit there. The bank has now opened a 12,550 square-foot office and also offers wholesale banking services for businesses and corporates, trade finance, and payment solutions.

Several other global banks have registered entities in the city, including JP Morgan, Citigroup, Deutsche Bank, Morgan Stanley, Bank of America, BNP Paribas and ANZ.

Source: IFR