HSBC has opened a new branch in Surat, Gujarat, deepening its presence in one of India’s fastest-growing wealth and industrial centres as it builds out its affluent banking strategy.
The launch, announced on 19 June, is HSBC’s third branch in Gujarat and part of a wider expansion following the Reserve Bank of India’s 2025 approval for the bank to open 20 new branches in key cities. HSBC, which has operated in India for over 170 years, now runs a network of 32 branches across 20 cities.
The choice of Surat reflects where India’s wealth is moving. A diamond processing and trading centre with a strong IT sector, Surat is projected to be India’s fastest-expanding city through 2035, with average annual GDP growth of 9.2%, according to Oxford Economics. HSBC is positioning the branch against a broader structural shift, with affluence decentralising from established centres such as Mumbai, Delhi and Bengaluru into emerging hubs including Surat, a trend documented in Visa’s India’s Affluent Economy 2025-2026 report.
The branch targets affluent, high-net-worth, ultra-high-net-worth and non-resident Indian clients, served through HSBC’s International Wealth and Premier Banking arm alongside its Corporate and Institutional Banking franchise.
Sandeep Batra, Head of International Wealth and Premier Banking, HSBC India, said:
“As entrepreneurship and innovation continue to fuel economic growth and rising personal wealth, affluent customers are taking a more holistic view. They want a trusted partner that can support them seamlessly across geographies. The opening of our new Surat branch underlines our commitment to being closer to clients and providing world-class banking and wealth solutions tailored to their needs.”
The Surat opening follows recent HSBC branches in Amritsar, Indore, Vadodara, Lucknow and Nagpur. The bank has further branches planned in Bhopal, Bhubaneswar, Dehradun, Faridabad, Jalandhar, Kanpur, Ludhiana, Mysuru, Nashik, Navi Mumbai, Patna, Rajkot, Thiruvananthapuram and Vishakhapatnam.
HSBC India employs around 47,000 people across banking, investment banking and capital markets, asset management, insurance, software development and global resourcing. Its parent, HSBC Holdings plc, is headquartered in London and held assets of US$3,306 billion as of 31 March 2026.
