HSBC reveals expansion plans in AP

Hyderabad, June 13 (UNI) Global banking conglomerate HSBC today revealed plans to expand its business in Andhra Pradesh.

Mr Malcolm Wagget, Chief Operating Officer, Global Resourcing, South India, HSBC said this during a meeting with Chief Minister Y S Rajasekhara Reddy here, an official release said.

HSBC had set up two of its six South Asian facilities in Andhra Pradesh at Hyderabad and Visakhapatnam with both of them employing over 7,000 professionals from the state.

This was likely to go up to 10,000 by the end of 2008. Mr Wagget said the HSBC had also started a software development centre here which would employ over 1,500 professionals by 2008.

The Chief Minister told the HSBC team that the priority of the government was not only the overall economic development of the state but also creation of maximum employment opportunities in the information technology and industrial sectors.

There were abundant human resources available in the state, more so in the rural areas and it was for them to exploit this potential to the maximum, Dr Reddy pointed out.

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