The new office allows HSBC to leverage GIFT City’s infrastructure, enhancing its wealth management services. Credit: William Barton/Shutterstock.

HSBC has expanded its operations in Gujarat International Finance Tec-City (GIFT City) in the Indian state of Gujarat with the inauguration of a new 12,550ft2 office space.

The new office enables HSBC to capitalise on GIFT City’s infrastructure, offering an improved suite of services to clients, particularly in wealth management.

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HSBC is said to be the only international bank in GIFT City to offer a comprehensive range of products and services, from wholesale banking to wealth management.

HSBC’s upgraded wealth management offerings in GIFT City cater to the increasing demands of its premier and private banking clients interested in global market investments, as well as non-resident indians (NRIs) seeking investment opportunities in India.

The services include foreign currency banking accounts, USD fixed deposits, and dollar-denominated investment products, among others.

Besides, HSBC provides wholesale banking services for businesses and corporates, facilitating access to international financial services, trade finance, payment solutions, and more.

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The bank also offers various financial instruments to assist clients in managing foreign exchange, risk, and liquidity.

HSBC India CEO Hitendra Dave said: “GIFT City is shaping into a key global financial hub, and HSBC is proud to be a part of this journey and being amongst the top three banks now in GIFT City within the first four years of our operations.

“The expansion of HSBC’s GIFT proposition including a new and expanded office reflects our commitment to scale our franchise at GIFT.”

HSBC’s journey in GIFT City began in January 2021, and it was the first international bank to receive investment banking permission and a foreign portfolio licence.

Over the last four years, HSBC has expanded its presence in GIFT, even acquiring a 6.125% equity stake in CCIL IFSC.

It is currently among the top three banks in terms of outstanding asset size in GIFT City, with over 36 live products supporting a diverse client base.

HSBC India operates through 26 branches in 14 cities and employs approximately 42,000 people across various sectors including banking, investment banking, capital markets, asset management, insurance, software development, and global resourcing.

In October 2024, HSBC announced that it is reviewing its digital wealth business Pinnacle in China, focusing on costs and operational controls.