HSBC UK data highlights flourishing UK-India business corridor
***Bank’s data on payments and client referrals show year-on-year growth***
*** “The opportunities for expanding businesses in India are huge” - HSBC UK’s Head of International Subsidiary Banking***
Business activity between the UK and India has flourished in 2024, according to HSBC UK data.
Value of payments
In the nine months to October 2024, year-on-year:
- the value of payments made by HSBC UK business clients to India rose by 32%.
- the value of payments received by UK clients from the India rose by 121%.
New client referrals
In the nine months to October 2024, year-on-year:
- HSBC UK received 36% more new business client referrals from HSBC India.
Cora McLaren, Head of International Subsidiary Banking at HSBC UK, said:
“Our data shows that business between the UK and India is not only strong, it’s getting even stronger, and the opportunities for expanding businesses in India are huge.
“India’s population is not only a vast number of potential customers, within it there is a growing middle class, creating opportunities for UK businesses selling high quality products and services.
“In addition, India is increasingly seen as a hub for Global Capability Centres – from which multinational corporates run multiple strategic functions - due to the level of language and technology skills.
“This is a relationship that is working both ways. We’ve also seen Indian businesses increasingly doing business in the UK, particularly those in the pharmaceutical sector in which India is a global leader.
“HSBC has ties to India which go back more than 100 years. We’re very proud to be able to help ambitious UK businesses expand there and likewise welcome Indian firms operating on these shores.”
Media enquiries to:
Robert Cox, Media Relations, HSBC UK, robert.cox@hsbc.com
Notes to Editors:
HSBC UK
HSBC UK serves over 14.9 million active customers across the UK, supported by 23,700 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring-fenced bank and wholly-owned subsidiary of HSBC Holdings plc. HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.