HSBC is preparing to re-enter India’s equity broking business after more than 13 years, as the bank looks to tap growing retail participation in capital markets, a strong IPO pipeline and rising demand from affluent customers, according to 2 people familiar with the matter.
The London-headquartered bank exited India’s domestic retail brokerage and depository business in 2013. It has now started rebuilding its equities platform and is hiring senior professionals for cash equities and institutional broking roles.
One person said the bank is looking to build stronger digital capabilities as more customers gain direct access to capital markets through smartphones. Interest in investing in international markets has also increased following the growth of GIFT City.
HSBC is expected to launch retail broking services over the next few months, according to the second person. The bank already holds a broking licence through HSBC InvestDirect Securities (India) Private Limited, which it plans to use for the business.
HSBC did not immediately respond to a request for comment.
The bank is now India’s largest foreign bank by balance sheet and continues to maintain a significant consumer business. It is also increasing its focus on affluent and wealthy customers, while several international peers, including Citibank, Standard Chartered and Deutsche Bank, remain focused largely on institutional clients.
HSBC’s planned return comes as India’s equity markets see strong retail participation and a large pipeline of initial public offerings. The expected arrival of several major IPOs has encouraged financial firms to expand their capital markets and brokerage operations.
HSBC has also been strengthening its focus on Asia and wealth management, with India identified as an important growth market. CEO Georges Elhedery recently said the bank plans to increase investments in India, with greater attention on affluent customers.
HSBC India reported a 4% year-on-year rise in net profit in the first half of 2026, supported by higher revenue from corporate and institutional banking.
In January, the bank received approval to open 20 additional branches in India, taking its total branch network to 46.
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