Right now, you see, there are a total number of 45 multinational banks aka foreign banks functional in India with a combined branch number of more than 300. But as an Indian citizen, you’d be thinking like: we literally have so many Indian banks, so why do we even need these foreign banks, right? Well, first of all, it is actually in the interest of these banks to expand to other nations, and because these banks also come with newer technology and newer ways of providing financial services, they’re kinda a must for the overall competition in this particular segment. But out of those 45, there are a few that are doing exceptionally well, and that’s the very reason why we are here with a list of the top 10 leading foreign banks in India as of 2024. Alright, here we go now.
1. Standard Chartered Bank
Standard Chartered Bank is the first name that comes to your mind when talking about foreign banks in India, and it should be like that because this bank goes a notch higher with both traditional and modern banking hand in hand, you know? This is an organization that surfaced a little over 160 years ago and the successful trade ensured that Standard Chartered earned the place on top of our list, and quite rightly so. The bank is highly strategic and that is what makes it one of the most trustworthy brands in the region as it targets the emerging markets of Asia especially. As of 2024, Standard Chartered went beyond just being a bank for the people, and not only did it keep its large network of 100 plus branches in 43 cities intact, but it also recorded a whopping 40% profit hike in 2023.
2. HSBC Bank
If we talk about the most influential banks in the Asia region, or particularly in the Indian subcontinent, then we can’t just skip past the HSBC Bank. The year 2024 will hold a special place in the bank’s history, it’s also the third-largest part of the bank in terms of profitability, which even surpassed the one in China. And sure, the bank’s remarkable leap in profitability is credited to a 25% increase in profits from its India operations indicating the increasing importance of HSBC in the financial ecosystem of the Indian economy right now. So no wonder we had to include this one on this list, and yes, at a higher ranking, obviously.
3. Citibank
Citibank started its début in India, back in the year of 1902, in Kolkata, where a lone office was opened. It has had active participation in the financial sector of India for a very long time. The bank came into the news when it was reported to have sold its customer retail asset business for ₹11,603 crore to Axis Bank. And right now though, Citibank has transformed from being a retail bank into a commercial/institutional bank that is the most successful in terms of executing business with foreign banks. The latest statistics reveal the fact that the bank’s net profits have risen by a significant percentage, so no wonder why it has been in the headlines recently for all the good reasons.
4. DBS Bank
DBS Bank, a Singaporean bank, is among the few companies that have succeeded in integrating themselves with the Indian banking sector, Perfectly! They made their initial push into India in 1994 with the right attitude, especially after being the first big foreign bank to be a wholly owned local incorporated subsidiary. By 2024, the bank has strengthened its position as a digital and SME banking leader with a sharp increase in net profits of 36.52% in total income, that’s for sure. And just so you know, it was an aggressive acquisition of Lakshmi Vilas Bank kicked off the bank’s journey of becoming a major player in the Indian banking industry.
5. Deutsche Bank
Deutsche Bank’s history dates back to 1870, in Germany, but it is since the year 1980 when this wholesale bank started operating in the Indian corporate and investment banking sector, you know? And sure, it is indeed a special focus on corporate banking that has worked out for Deutsche Bank, as an example of that growth in 2023, through the proposed listing of the Indian government’s public sector banks, thanks to the resilience of the Indian economy.
6. Barclays Bank
Barclays Bank has been on a steady rise to establish its entity in India for the past four decades, with more of a focus on just the corporate and investment banking sector. Just so you know, the uniqueness of Barclays is seen in its few hundred crores of capital infusion in 2021 alone, which gives a clear indication of its commitment to the Indian market. Talking about something recent, well, as of 2024, Barclays has positioned itself as a reliable partner of Indian corporations, especially in debt capital markets.
7. Bank of America
Bank of America (BofA) was a pioneer in India from 1964, which was guided by its focus on the corporate and investment banking scene here in the country. The headline-grabbing part of BofA’s game plan in India is its great belief that the country is going to raise funds principally via IPOs. Talking about something recent, well, in 2024, Bank of America’s activity in the Indian renewable energy segment again backs up its position in the country’s industrial conversion process. With its powerful international connections and know-how, Bank of America is likely to be at the forefront of the Indian banking sector for a long time.
8. BNP Paribas
BNP Paribas, one of the oldest and biggest banks in Europe, has been in India since 1860. And just so you know, by now, BNP Paribas has been a major player in India’s capital markets, giving specific attention to sustainable financing. BNP has made itself visible by taking part in IPOs and financing the use of renewable energy nationwide thus proving its strong commitment to various aspects of life in India, namely the economy and the environment, you know?
9. Industrial and Commercial Bank of China (ICBC)
ICBC is the biggest bank in the world according to its assets, which means that it both symbolizes and showcases China’s financial power in India. And it might be kinda a surprising thing to see that a Chinese bank has branches in India, but that’s true. It was the first bank from the Chinese mainland to settle in India, so its job is kinda of great importance in promoting cross-border trade and investment between the two biggest economies. Even in light of the global economic crisis, ICBC continues to be devoted to extending its operations in India, attaching great importance to the enhancement of the economic relationship between the two countries and assisting Chinese companies in India.
10. MUFG Bank
MUFG Bank, which is part of Japan’s biggest financial institution, has been steady yet persistent in increasing its presence in India. By 2024, the company, through capital infusion worth ₹3,000 crore and strategic investments in new technology companies, has reaffirmed its commitment to the Indian market, that’s what we are pretty certain of. The inception of MUFG Ganesha Fund to finance Indian start-ups is a token of the bank’s faith in the economy of India.
Conclusion
That’s it for today. By far, these are the biggest, most popular, and most well-established foreign banks in India. And sure, more and more customers and big corporate clients are choosing the financial services of these banks, simply because of the ease as well as the reliability.
