HSBC to set up IT development centre

bangalore: the hongkong and shanghai banking corporation ltd (hsbc) will set up a $15-million it development centre in pune in the first quarter of next year, aman mehta, ceo, hsbc (asia-pacific), said here on wednesday. he was addressing a press conference announcing the relocation of the bangalore branch at 7, mg road. internet banking will be available at the bangalore branch from december. mehta said india will be an important development centre for the hsbc universal banking (hub) system. he said hsbc is open to the idea of acquisitions in india but has a strong preference for outright control. current indian regulations do not permit that but the bank is always looking at ways to deploy more capital, mehta said. in the past three years, hsbc has made investments of rs 120 crore, a major portion of this in technology. the bank has also applied for rbi licenses for opening more branches. the number of atms too will be upped from 140 at present to 250 by 2003-end, zarir j. cama, country head, hsbc india, said. "we have also got sebi clearance for our own asset management company which will be launched in the first quarter of 2002," he added.