HSBC Holdings Plc is targeting India's affluent clients to fuel growth, aiming to become one of the top four or five private banks by 2030. The London-based lender is expanding across wealth management, transaction banking, and its "globality" strategy using its international network. HSBC plans to grow from 34 to 46 branches across 34 cities, including new locations like Bhubaneswar, Rajkot, Jalandhar, and Mysuru.

The firm targets customers with at least $2 million in investable assets. HSBC recently emerged as the biggest lender to India's diaspora under a foreign-exchange swap program, disbursing $10.9 billion from GIFT City in three months. ICICI Bank ranked second with $8.4 billion.

The bank is also using premium credit cards with annual fees up to 110,000 rupees and mortgages that have tripled over four years to 257 billion rupees. Transaction banking remains a key pillar, helping companies with payroll and foreign-exchange payments. HSBC faces competition from ICICI Bank Ltd. and Kotak Mahindra Ltd. as domestic banks scale up.

Despite tighter restrictions on branch openings, HSBC's expansion is already paying dividends as it focuses on the growing number of globally connected wealthy individuals in smaller Indian centers.