The bank, one of the world's biggest with almost $1 trillion in assets, sees the $15bn (�9.4bn) retail banking market as a prime target.

HSBC - which was founded in Hong Kong but is based in London - makes a third of its profits in Asia, but slow market opening may limit how much it can take advantage of China's massive market.

India is one place, said chief executive Stephen Green, that could also provide growth "faster than the group average".

A rapidly-growing middle class offers opportunities in the banking sector, analysts believe.

'Momentum developing'

In terms of how HSBC is run, India already figures heavily in the company's plans, which call for 8,000 people to be employed in global processing centres there by the end of the year.

But the new focus means that HSBC is looking to go beyond the 1.1% of profits it currently makes from Indian business.

"There's momentum developing in India," said Mr Green.

One possibility for expanding the India business beyond the $316m in residential mortgages and $302m in personal loans it currently holds comes from its recent acquisition, Household International.

Household is a US specialist in so-called "sub-prime" lending, which targets retail borrowers who would be turned down for regular bank finance.