HOW HSBC INDIA FOUND ITS EDGE

From capital conservatism to calibrated aggression, CEO Hitendra Dave has steered HSBC India into its most profitable and disciplined phase yet.

- BY V. Keshavdev

IF MONOLITHS COULD speak, HSBC's India head office in Mumbai's Fort would whisper a tale of empire, endurance, and quiet resurgence. Located at a storied corner along Mahatma Gandhi Road, the entrance to the building is flanked by two stoic lion sculptures. In HSBC lore, Stephen roars with authority while Stitt gazes ahead in calm—a nod to the contrasting temperaments of the legendary Shanghai managers Alexander Gordon Stephen and Gordon Holmes Stitt. Fittingly, they guard the doors of a bank that began life in India as the Mercantile Bank of India in 1853.

Just outside those doors today, stands another silent signal of legacy and intent: a gleaming black Toyota Vellfire, understated, expansive, and whisper-quiet. It belongs to Hitendra Dave, the soft-spoken CEO of HSBC India. If positioning matters, Dave's choice is a masterclass in quiet affluence—mirroring his deep understanding of how India’s wealthy live, move—and bank.

That instinct has shaped how Dave—CEO since 2021—has rewritten HSBC India’s playbook to become the country’s largest foreign bank by total assets (FY24). “India is very much like a candy store for bankers. But you can’t eat all of it. You need to pick what you really want,” Dave tells Fortune India, seated in his plush, heritage-era office tinged with gothic undertones.

Unlike some of its peers, HSBC has chosen to deepen its India bet. This year, it became the first foreign bank in decades to receive approval to open 20 new branches in one go—expanding its network from 26 branches in 14 cities to 46 in 34. It’s a rare move rooted in Dave's long innings at the bank since 2001—spending two decades earning his stripes before ascending to the C-suite. Under his watch, the bank has quietly evolved from a solid performer to an operational exemplar.