Business News

• HSBC open to more India acquisitions
• FDI in services falls 19% to $ 2.85 billion

HSBC open to more India acquisitions

Having decided to acquire the Royal Bank of Scotland's select operations in India, HSBC group global head on Wednesday said it is open to more acquisitions in the country to expand the scale of operations.

“We will explore every opportunity whether it’s organic or inorganic. If opportunities are available for us to build our platform in India we will take them”, HSBC Holding Plc group chair man Douglas J. Flint told reporters in New Delhi. “We have been around for about 145 years with 170 offices and 50 bank branches, which is pretty small for a country of so much importance, so whatever opportunities arise from regulatory change, reform or a simple opportunity we will seize them”, he said. India an operation is the seventh largest contributor to HSBC's global turnover.

FDI in services falls 19% to $ 2.85 billion

Foreign direct investment (FDI) in the country's services sector declined by 19.5% to $2.85 billion (`13,044 crore) during April December this fiscal, according to the industry ministry data.

The services sector (financial and non-financial services) had attracted FD worth $3.54 billion during April December 200910. The services sector, despite the 19.5% fall in FDI, topped the chart in attracting investment.

Telecommunications segment, including radio paging and cellular mobile, was the second best sector attracting $1.32 billion, followed by automobile ($1.06 billion ).