Top 10 Foreign Banks in India 2024

India's economic powerhouse status has attracted a vibrant tapestry of international players, with foreign banks weaving themselves into the very fabric of the nation's financial ecosystem. These global giants, hailing from diverse corners of the world, bring not only their financial muscle but also a wealth of expertise and innovative practices. From digital-first pioneers to investment banking heavyweights, each foreign bank adds a unique thread to the rich tapestry of India's banking landscape.

What are foreign banks?

Foreign banks are financial institutions that are based in one country but operate in other countries through branches, subsidiaries, or representative offices. These banks are subject to the regulatory laws of both their home country and the countries where they operate. They offer a range of financial services including commercial banking, retail banking, and investment banking. Foreign banks in India account for only 1% of the country’s branch network, but they contribute 11% of the country’s banking sector profits. This is because these banks are specialised in areas like trade finance, wholesale lending, external commercial borrowing, treasury service, and investment banking rather than general retail banking.

Here's an overview of some of the top foreign banks in India, highlighting their history, presence, and range of services:

1. HSBC

HSBC Bank India is a subsidiary of the Hong Kong and Shanghai Banking Corporation. The Indian subsidiary headquartered in Mumbai offers numerous services including but not limited to retail banking, personal banking, debit and Credit Cards, loans, as well as foreign exchange amongst others. With more than 24 branches across the nation, the bank is well-known for offering India its first ATM, back in the year 1987.

• Parent Company: Hongkong and Shanghai Banking Corporation.
• Indian Subsidiary Location: Mumbai
• Services Offered: Personal banking, corporate banking, retail banking, loans, credit and debit cards.
• Notable Achievement: Introduced the first ATM in India in 1987.
• Presence: More than 24 branches across India.

2. Standard Chartered Bank

The UK-based bank distinguished itself as the inaugural foreign financial institution to be listed in India, marking this historic achievement in June 2010 following the submission of Indian Depository Receipts. This milestone was a testament to its deep-rooted association with India, a relationship extending over 160 years. Renowned for its robust corporate and commercial banking services, the bank has established itself as a preferred financial partner for international businesses operating within the Indian market. This long-standing presence and expertise underline the bank's commitment to providing comprehensive and tailored financial solutions to its diverse clientele.

• Origin: UK-based
• Indian Market Entry: Listed in India in June 2010 with Indian Depository Receipts.
• History in India: Over 160 years
• Specialization: Strong corporate and commercial banking services, popular among international businesses in India.

3. DBS Bank

DBS Bank, headquartered in Singapore, has emerged as a dynamic force in India's banking landscape, operating across major cities including Mumbai, Delhi, Kolkata, Chennai, Pune, Bengaluru, and Nashik. Renowned for its innovative approach, DBS Bank has been at the forefront of harnessing digital technologies to redefine the banking experience. Its digital banking solutions are particularly popular among tech-savvy customers, reflecting a commitment to modernization and customer convenience. Beyond its digital prowess, DBS offers an extensive suite of services encompassing institutional banking, consumer banking, and wealth management. This comprehensive approach, combined with its technological advancements, positions DBS as a leading bank in India's evolving financial sector.

• Indian Operations: Across 12 cities including Mumbai, Delhi, Kolkata, Chennai, Pune, Bengaluru, and Nashik.
• Notable Features: Innovative digital banking solutions, a strong focus on digital technologies in banking.
• Service Range: Institutional banking, consumer banking, and wealth management.

4. Barclays Bank

Barclays Bank, a prominent British multinational bank, has steadily fortified its presence in India's corporate and investment banking sectors. Recognized for its comprehensive portfolio of services, Barclays specializes in treasury solutions, corporate banking, and trade finance, catering to a diverse range of clients' needs. The bank has earned a reputation as a reliable and go-to financial institution, underpinned by its extensive array of products and services. This includes offerings in investment management, lending, mortgages, and wealth planning, demonstrating its commitment to providing holistic financial solutions. Barclays' ability to blend traditional banking excellence with innovative financial services has made it a key player in India's banking landscape, trusted by businesses and individual clients alike.

• Origin: British multinational bank
• Indian Sector Focus: Growing presence in corporate and investment banking.
• Services: Treasury solutions, corporate banking, trade finance, investment management, lending, mortgages, wealth planning.

5. Deutsche Bank (DB)

Deutsche Bank, commonly known as DB, stands out as a major German banking firm that has been operating in India since 1980. With a network spanning 16 cities, DB offers a comprehensive range of financial services that extend beyond traditional banking. Its expertise encompasses corporate and retail banking, investment banking, and asset and wealth management, addressing the varied needs of its clientele. The bank’s offerings include a diverse array of products like card services, trust and deposit services, loans, securities solutions, and financial advisory, underlining its commitment to cater to a wide spectrum of financial requirements. DB's presence in India is marked by a unique blend of local insights and global financial expertise, making it a key player in the Indian financial sector.

• First Indian Branch: Opened in 1980
• Indian Operations: Across 16 cities
• Service Spectrum: Corporate banking, retail banking, investment banking, asset and wealth management, card products, trust, deposit services, loans, securities solutions, investment planning, financial advisory.

6. Bank of America (BofA)

Bank of America (BofA), with its strategic presence in India through five branches, is renowned for facilitating pivotal international transactions, especially between India and the United States. Catering to large conglomerates like Tata Sons, Reliance Industries, and Aditya Birla Group, BofA has carved a niche in the Indian market. It has played a significant role in introducing various new sectors and startups to the Initial Public Offering (IPO) market. BofA's operations in India exemplify its global banking prowess and its commitment to fostering corporate growth and financial integration across borders.

• Indian Branches: 5
• Specialization: Facilitating international transactions with the US.
• Clientele: Major conglomerates like Tata Sons, Reliance Industries, Aditya Birla Group.
• Role in IPO Market: Influential in introducing new sectors and startups.

7. Bank of Bahrain and Kuwait (BBK)

The Bank of Bahrain and Kuwait (BBK), established in India since 1986, has been a significant Middle Eastern player in the Indian banking sector. With branches in Mumbai, New Delhi, Hyderabad, and Kerala, BBK has developed a reputation for providing top-notch credit facilities, specialized services for Non-Resident Indians (NRIs), and a broad array of deposit products. Known for its robust remittances department and well-equipped dealing room, BBK offers an exceptional banking experience, particularly excelling in delivering structured financial solutions for mid-corporates and the SME sector. BBK's commitment to quality and customized financial services has made it a bank of choice for a diverse clientele in India.

• Entry into India: Established its presence in 1986.
• Indian Branches: Operates 4 branches located in Mumbai, New Delhi, Hyderabad, and Kerala.
• Services Offered: BBK is known for providing top-quality credit facilities, Non-Resident Indian (NRI) services, and a variety of deposit products.
• Special Features: The bank has a strong remittances department and a fully-equipped dealing room, offering an exceptional banking experience.
• Expertise: Specializes in delivering structured finance solutions to mid-corporates and in the Small and Medium Enterprises (SME) sector.

8. Industrial and Commercial Bank of China (ICBC)

The ICBC, one of the world's largest banks, has established a significant footprint in India, emphasizing its global reach and commitment to international expansion. Specializing in cross-border transactions, corporate banking, and trade finance, ICBC caters to a wide range of financial needs, particularly for businesses engaging in international trade. Its presence in India is a testament to the growing economic ties between India and China, reflecting the bank's strategy of facilitating and supporting bilateral trade and investment flows. ICBC's operations in India underscore its role as a global banking leader, adept at navigating diverse market dynamics and financial landscapes.

• Global Ranking: Among the largest banks worldwide.
• Expansion in India: Demonstrating a growing presence.
• Specialization: Expertise in cross-border transactions, corporate banking, and trade finance.
• Notable Aspect: ICBC's involvement in India reflects the growing economic ties between India and China, particularly in trade and corporate finance.

9. BNP Paribas

BNP Paribas, a leading European bank, holds the distinction of being the second oldest foreign banking institution in India. With a presence in key cities like Bengaluru, Mumbai, and Chennai, BNP Paribas has been instrumental in driving India’s green banking initiatives, championing sustainable finance. The bank offers a comprehensive array of services, including corporate and institutional banking, hedging, equity, financing, investment banking, and derivatives. This diverse range of services demonstrates BNP Paribas’ commitment to not only advancing the financial sector in India but also to supporting environmentally sustainable economic growth. Their longstanding history and continued innovation in the banking sector make BNP Paribas a significant contributor to India's financial landscape. A French multinational investment bank and financial services company, 

• Country of origin: France
• Indian Operations: Spread across Bengaluru, Mumbai, and Chennai.
• Sustainable Finance: Actively involved in green banking initiatives in India.
• Service Spectrum: Offers a range of services including corporate and institutional banking, hedging, equity, financing, investment banking, and derivatives.
• Historical Significance: Recognized as the second oldest foreign banking institution in India, BNP Paribas has played a pivotal role in the development of various financial sectors within the country.

10. Credit Suisse

Credit Suisse, a global leader in the financial services industry, has made a significant impact in the Indian banking sector with its tailored financial solutions. Known for its prowess in investment banking and wealth management, Credit Suisse caters to a sophisticated clientele, including high-net-worth individuals and large corporations. The bank’s approach in India is characterized by a blend of global financial insights and a deep understanding of local market dynamics. This unique combination enables Credit Suisse to offer a range of services that not only meet the diverse needs of its clients but also contribute to the broader development of India's financial landscape. The bank's commitment to excellence and innovation has cemented its position as a trusted partner in India's banking and financial services sector.

• Global Presence: Operates as a major player in the global banking scene.
• Indian Operations: Known for its investment banking services and wealth management solutions.
• Specialty: Tailoring financial services to the needs of high-net-worth individuals and corporate clients.