London-based global bank HSBC Holdings PLC said Monday it’s open to making more acquisitions in India, a market it calls one of its top growth priorities worldwide.
“When we talk about growth markets globally, we as a group are looking basically at four areas: China, which will come as no surprise, and India. The other two are Brazil and Mexico,” said David Eldon, chairman of HSBC’s Asian arm, the Hongkong & Shanghai Banking Corp.
“Organic growth is working for us in India, and expect to see more of it … and the possibility, if it does continue to open up, of us being able to grow the business by acquisition,” Eldon said in an interview after the bank announced its annual results for 2004.
“If the Indian market were to deregulate even further, to allow foreign banks to have bigger stakes, I think we may be on the receiving end of one or two offers of potential acquisitions, which I think we would have to look at seriously,” Eldon said.
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