HSBC to tap SME business in the country

HSBC Bank is betting big on expansion of its small and medium enterprises (SME) business in India. The bank is bullish on having 100,000 accounts of small and medium players in the next two years. SME clients with the bank are over 65,000.

Dheeraj Dikshit, Head-Business Banking, Commercial Banking India Area Management Office is travelling across various clusters to get an insight into the financial needs of potential borrowers. On his visit to Chandigarh he said he would travel to Jallandhar, Ludhiana and Mandi Gobindgarh in Punjab to meet representatives of chambers of industries. “We have 1, 500 SME accounts in Punjab and expect to add substantial numbers by stepping up the business in Punjab,” he said. Due to global distribution of HSBC (in 86 countries) they can benefit the Indian exporters. He added that units into the business of IT&ITeS, textiles and steel largely depended on international market and HSBC created synergies with such SMEs.