London-based HSBC Holdings Plc attracted approximately $5.5 billion in non-resident Indian deposits through high-leverage offers. The bank extended over $3.5 billion in loans to support these foreign currency deposit plans. HSBC utilized a special concessional window from the Reserve Bank of India to facilitate the strategy.
The strategy offered leverage of up to 19 times the deposit amount. This leverage ratio significantly exceeds offerings from competitors such as Standard Chartered. The move aligns with HSBC's strategic pivot toward expanding its footprint in high-growth Asian markets.