HSBC Holdings Plc has offered high leverage to capture about $5.5 billion so far in non-resident Indian deposits, helping it race ahead of some global rivals in the chase for diaspora wealth, according to people familiar with the matter.
The London-based lender has extended more than $3.5 billion in loans to back the bespoke foreign currency deposit plans, allowing it to reel in the deposits through a special Reserve Bank of India concessional window, said the people who asked not to be identified because the information is private.
