HSBC's complacency was reflected in the bank's financial performance

The Hong Kong and Shanghai Banking Corporation Limited (HSBC) entered
India as early as 1959. Despite being one of the oldest and well-established
foreign banks, HSBC had been lagging behind local private sector banks and
other foreign banks in India in terms of business network and growth. HSBC's
competitors and industry experts regarded it as a conservative bank that
lacked competitive spirit.