(Updates to fix a typo in the first paragraph)
HSBC (HKG:0005) is re-entering India's equity broking sector after its exit in 2013, as the bank aims to capture demand from wealthy clients for financial products and benefit from the booming IPO market, Reuters reported Thursday, citing two people with direct knowledge of the matter.
The bank is reportedly looking to fill senior roles to oversee cash equities and institutional broking in India and has also started rebuilding its equities platform for the country.
The move comes as Indians have become increasingly interested in trading in international markets since the tax-neutral GIFT City hub was established, a source told the news outlet.
Services are expected to launch over the next few months, and the bank plans to use its existing broking license held via HSBC InvestDirect Securities (India) Private Limited to restart the business.
HSBC was not immediately available to a request for comment from.
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