Multinational bank and financial services holding company HSBC is bullish on its India prospects. In an exclusive interview with CNBC-TV18, Noel Quinn, Group Chief Executive, HSBC said that India has a chance to become a big global supplier.

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"Geopolitics is at play and is driving the supply chain re-adjustment," he said, referring to the money being pulled out from the Chinese market and the fallout of the Russia-Ukraine war.

He said that growth in India has been consistent and investment in the Indian market is on the rise, both from retail participants and global investors.

"India is extremely well positioned to ride out an economic slowdown and has seen strong FDI, trade flows," Quinn said

"Manufacturing plants are starting to be built in India, and credit goes to the Government of India. They've created an environment that is stable politically on a domestic front," he added. Quinn lauded India's recent economic reforms like the GST and digitisation of payments and said that these steps have made it easier to set up a base in India.

The HSBC chief met a number of fintech and unicorns on Thursday to look at collaborations going ahead.

"We have under-invested in international wealth for digitisation and are looking at creating a truly digital retail and wealth business," he said.

HSBC has recently announced the acquisition of the asset management business from L&T and hopes to get regulatory approval for it shortly.

"I'm willing to consider further acquisition should they become available in the future," said Quinn.

(Edited by : Abhishek Jha)

First Published:Sept 9, 2022 12:10 PM IST