HSBC launches private banking business in India for high- net-worth individuals
London-based HSBC launched its global private banking business in India to serve High Net Worth (HNW) and Ultra High Net Worth (UHNW) people, entrepreneurs and their families.
The bank said in a statement that the new business targets clients with investable assets of more than $2 million, adding that the initiative reflects its commitment to leading wealth management in Asia.
Surendra Rocha, co-chief executive officer of HSBC Asia Pacific, said India’s acceleration as one of the world’s largest and fastest growing economies is being supported by demographics, digitization and enabling policy infrastructure.
Presence enhancement
She added that the launch of the global private banking business will complement HSBC’s leading banking offerings for individuals and companies, and help the bank strengthen its presence in India and diversify its capabilities in Asia.
The HSBC Group acquired L&T Investment Management in 2022, which is now called the HSBC Mutual Fund. It also promotes digital banking, payment services, lending and international banking services, and provides life insurance through its joint venture, Canara HSBC Life.
This launch follows the introduction of HSBC Group’s global private banking services in Thailand in 2021, and in Mexico, the United Arab Emirates, and Chengdu, Hangzhou and Shenzhen in mainland China in 2022.
wealth solutions
Within the Private Banking business, HSBC will offer wealth solutions, global private banking expertise, an extensive international network, access to commercial banking, global banking and marketplace capabilities. This will include customized lending and investment products and propositions such as mutual funds, bonds, portfolio management services, insurance, access to structured products and alternative investments and a direct equity execution platform through a team of dedicated relationship managers, investment advisors and product specialists.
Entrepreneurship and innovation fuel economic growth and great wealth creation in India. In view of this, a presence in India is essential to achieving HSBC’s ambition of becoming the leading global private bank for Asian, international and HSBC connected customers. “
India is expected to become the third largest economy by FY28, as the number of high-net-worth individuals in India – those with more than $30 million to invest – is expected to increase by 58 percent by 2027. The chance of wealth in India is 2.8 Trillion dollars. in assets under management currently, and projected growth of 8 percent annually through 2026, the bank said.