Akulaku, which started operations in 2016, has a presence in the Philippines, Malaysia and Thailand, plus Indonesia, the major market for the company as it has a huge tech-savvy population. The firm disbursed around $3.5 billion of loans last year, 25% higher than the previous year, and saw "mild growth" of around 20% in revenue last year to around $500 million, the CEO said.
The absence of global banks in Indian retail lending and the soaring wealth effect of the Indian middle class have provided a springboard for HSBC India to become the vital lever of growth for the British bank, Dave said in an interview with Bhaskar Dutta and MC Govardhana Rangan.
While the FAR category did not attract large foreign flows for three years, overseas players have poured almost $10 billion into the FAR bracket since JP Morgan said in September 2023 that Indian bonds would be included on its emerging market index from June of this year. Read more here:
While the FAR category did not attract large foreign flows for three years, overseas players have poured almost $10 billion into the FAR bracket since JP Morgan said in September 2023 that Indian bonds would be included on its emerging market index from June of this year. Read more here:
Startup companies typically struggle to get financing from major banks until they grow larger and become more established. HSBC and JPMorgan are among the lenders that are staffing up to serve startups as a way to win business in the longer term, including initial public offerings, overseas expansion, deals and wealth management.
Startup companies typically struggle to get financing from major banks until they grow larger and become more established. HSBC and JPMorgan are among the lenders that are staffing up to serve startups as a way to win business in the longer term, including initial public offerings, overseas expansion, deals and wealth management.
"The Committee sees the benefits of a wide application of the revisions to all banks participating in the G-SIB assessment exercise, but it is also seeking feedback on options that would apply those changes to a narrower set of banks to reduce the reporting burden," the committee said. Read more:
Indian electric-scooter maker Ather Energy Pvt has selected banks including HSBC, Nomura, and JPMorgan for its IPO. The company, founded by Tarun Mehta and Swapnil Jain, may raise up to $400 million. The IPO could take place in the second half of the year. Representatives for the five banks, as well as Ather, declined to comment.
In February, manufacturing activity in India reached a five-month high due to increased new export orders and sustained domestic demand. The HSBC India Manufacturing Purchasing Managers’ Index rose to 56.9, with new export orders hitting a 21-month high. External demand was driven by countries like Australia, Bangladesh, Brazil, Canada, China, Europe, Indonesia, the US, and the UAE.
The rupee managed to inch higher last week and was in an 82.8350-83.0150 range. Traders reckoned that the Reserve Bank of India bought dollars regularly through the week to prevent the rupee from appreciating much in the face of persistent inflows.
But the Asia-focused lender set out restrained new guidance, saying it expected income to grow at the higher end of 5-7% in 2024, lower than the previous estimate of 8-10% given last October. The lender booked 13% income growth in 2023 in constant currency terms. Read on to know more:
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