The Hongkong and Shanghai Banking Corporation is looking at investing over $400 million in India with organic growth driving expansion.
This marked an increase from 2,63,000 at the end of 2013
It is not often that you find a mechanical engineer leading the private banking business of a foreign bank in India.
HSBC Mexico said it paid a 'fine imposed by the National Banking and Securities Commission (CNBV), amounting to MXN 379 million (about $27.5 million), in connection with non-compliance with anti-money laundering systems and controls, including reporting requirements with regard to unusual transactions, as well as other prudential regulations.'
The HSBC/Markit purchasing managers index for the manufacturing industry stood at 50.1 in July, slightly more than 50.3 in June, indicating a broad stagnation of manufacturing operating conditions in India.
Though there has been policy progress in Europe, the global economic backdrop remains decidedly challenging, Eskesen said, adding domestic conditions have remained fairly stable, though, and underlying inflation has stayed firm.
The revelation against HSBC has woken up the Indian agencies who have now put its India employees under the scanner. The Revenue Intelligence wing and also the Reserve Bank of India will probe some rogue elements in the bank who could have possibly facilitated this offence which helped drug lords and terrorist groups park money by hoodwinking the security agencies.
The many ways in which the fast-expanding bank got it wrong on money laundering.
The deal fell as the transaction deadline expired. RBS said that it will wind-down its banking operations in the country.
According to the global financial services major, since the last RBI policy meet, data suggest accelerating growth and surprisingly mild inflation, both at the core and headline level.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
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HSBC has clocked in 9 percent growth in profit for 2013 on cost control measures undertaken by the bank.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
HSBC whistleblower Herve Falciani on Monday said he is willing to "cooperate" with the Indian investigative agencies in their black money probe.
SIT on black money on Monday decided to widen its probe as new names of Indians with Swiss bank accounts have come up
India's manufacturing sector activity contracted for the second consecutive month in September as both output and new orders witnessed a decline, an HSBC survey said.
The documents show that HSBC opened Swiss accounts for international criminals, businessmen, politicians and celebrities, according to the ICIJ.
The government expects the economy to grow by 7-7.75 per cent in the current fiscal.
HSBC is in advanced talks to buy assets of two troubled financial groups -- ING and RBS in Asia in a move to expand its base in the region.
Foreign banking major HSBC plans to inject $180 million in India operations to support its growth in the country.
'We suggest an equity strategy of 5% to 10% exposure to cash, 5% to Gold ETF, close to 50% to Sensex/Nifty/large mid-cap stocks.'
Many of the jobs will now be offshored to lower income countries such as India, China and Poland
The Reserve Bank of India is likely to cut policy rates by 0.25 per cent and keep the cash reserve ratio unchanged at its policy review next week, on the back of slower-than-expected growth and more encouraging inflation readings, says a report by HSBC.
On price rise, HSBC said that the rate of cost inflation decelerated sharply while output prices were unchanged.
The bank believes that that gold prices will recover this year and retain a pronounced bullish posture.
Gulliver had about $7.6 million pounds in a Swiss account in 2007.
The potential settlement, which has been in the works for months, is emerging as a test case for just how big a signal US prosecutors want to send to try to halt illicit flows of money moving through US banks.
HSBC has acquired the stake from E*Trade Mauritius ( 43.85 per cent) and an additional 29.36 per cent stake from IL&FS. In addition, HSBC has paid a non- compete fee of Rs 82.45 crore ($19.4 million) for a three-year period to IL&FS.
Current account deficit is expected to narrow to 1 per cent.
'Corporations that were recruiting 15 or 20 [students] have reduced the number to two or three.'
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India's economic growth may slow down to a little over 8 per cent while inflation is likely to be above the comfort level at 6.6 per cent with an upward bias next fiscal, a senior economist from global banking major HSBC said on Wednesday.
Bank employs more than 300,000 people worldwide.
The HSBC/Markit Purchasing Managers Index for the services industry inched up to 47.2 in November from 47.1 in October, the fifth sub-50.0 reading and indicated an output contraction across the Indian service economy.
The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown.
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