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HSBC plans to grow capital market team in India
By siliconindia
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Thursday, 22 April 2004, 19:30 IST
MUMBAI: HSBC Banking group will expand its capital market, corporate and investment banking team in India and establish analytical support facility to exploit growing business opportunities and provide services to the group's overseas requirements.
The equity markets -- secondary and primary -- are growing and consolidation, including cross-border acquisitions, are on the rise in the country and the group would grow the headcount in capital market and related functions by 25 per cent over next five years, HSBC Holdings chief executive (markets) John Studzinski told reporters on Wednesday.
Currently, HSBC Sec and Capital Markets Ltd has just below 100 people and investment banking team consists of 21 members.
The group would add a few people with high calibre than have a large size team. Indian operations would grow expertise in sectors like cement and metals, Studzinski added.
As part of plans to tap world class talent in India, HSBC would recruit 20-25 persons, who are just out of University and groom them. Some of them may have to move aboard for assignments, he said.
The group was also planning to start analytic and research unit to provide services to global investment banking business, he said adding the proposed facility would focus on company and sectoral analysis.
This unit would work in cooperation with centres at London, Paris and New York and leverage on Indian strengths, he added.