HSBC said today it would invest $180 million to support the expansion of its fast-growing retail and commercial banking operations in India.
The world's second-largest bank by market value said the investment includes $150 million in new capital and $30 million in retained profit generated by the Indian operations in the year to March 2004.
HSBC Bank's home loan portfolio in India this fiscal year has grown by 85 per cent, and its credit card business has grown by 28 per cent in the same period, the bank said.
The proposed investment is the second portion of funds infused in HSBC's Indian operations in the past 24 months. The last investment, worth $150 million, was made in March 2003.