India the place to be in now, says HSBC India CEO Hitendra Dave

'We are in growth, customer acquisition, and balance-sheet expansion mode'

HSBC wants to fortify its position as a full-service foreign bank in the country. It recently got the Competition Commission of India’s nod for acquiring L&T Mutual Fund for $425 million — the global financial conglomerate’s largest inorganic move after it gobbled up IL&FS Investsmart for Rs 1,311 crore over a decade ago. HSBC India’s Chief Executive Officer Hitendra Dave spoke to Raghu Mohan on the business model and the scope and scale of the group’s ambitions. Edited excerpts:

What makes HSBC stick with its full-services banking model out here?

HSBC is the only full-service bank in the world. Around the world,