MUMBAI (Bloomberg) — HSBC Holdings Plc, Europe’s biggest bank by market value, said it will wait for India’s central bank to allow foreign lenders to buy control of local rivals before seeking alliances in the South Asian nation.

“As (the) policy framework evolves we will look at ways of building our business because we see rewarding opportunities for our shareholders,” chairman Stephen Green said yesterday.

“India is an important market for us to grow our business.”

HSBC is seeking to expand in Asia and other nations through acquisition as growth at its developed market slows. Green, who became chairman in May, has made purchases in Latin America to increase earnings from emerging markets.

The lender’s second-half profit declined 5.7 percent to $7.06 billion from $7.49 billion a year earlier.

India will allow overseas banks to acquire non-state-owned lenders after April, 2009 to strengthen its financial sector and attract foreign investment, V. Leeladhar, deputy governor of the Reserve Bank of India said on March 5 in Washington.