KARACHI, April 29: Hongkong and Shanghai Bank Corporation (HSBC) inaugurated its head office in Karachi on Tuesday with an expansion plan to exploit great potential for the growth of banking in the country.

The HSBC, operating in Pakistan since 1982, also launched credit cards. Youssef A Nasr, deputy chairman and CEO of HSBC for Middle East, said it was not only a plastic card but it will also fulfill the needs of the customers. He said the HSBC had one of the largest credit card businesses, which benefit its 120 million card holders around the globe.

“So far we have no plan of merger or acquisition in Pakistan,” said Nasr while talking to journalists.

“We are expanding our operations and more branches will be opened,” he said adding that the HSBC has a Pakistan investment plan, which will be gradually implemented through expansion of network and innovative products.

A non-resident Pakistani office has been established in the UAE to facilitate inward remittances from the expatriate Pakistani community where a new product with special features for the ease of the Pakistani community has been introduced and it is planned to expand NRP offices within the Middle East region and Europe, he said.

The HSBC has increased its staff strength from 321 in 2006 to 945 as of today.

It also planned to launch an Islamic banking arm — HSBC Amanah — in Pakistan.