HSBC may buy BNP Paribas retail division
By Our Banking Bureau | 28 Jun 2002
Mumbai:
Honk Kong and
Shanghai Banking Corporation (HSBC) is considering taking over BNP
Paribass retail portfolio in India.
"Discussions
are on, but as of now, we have entered into an arrangement with
BNP Paribas, wherein their retail customers will have the option
to shift their accounts to HSBC," say sources.
An application has been filed by BNP Paribas India with the Reserve Bank of India last week for this arrangement, the sources in the French bank say. "Eventually, HSBC will take over the portfolio."
BNP Paribas, with a retail customer base of 12,000-13,000, has a presence in eight cities where HSBC has its branches. There will be no compulsion on customers to bank with HSBC, the sources add. The French bank, which decided to exit from retail business, has branches in Mumbai, New Delhi, Kolkata, Bangalore, Chennai, Hyderabad, Ahmedabad and Pune.
