Banking giant HSBC has unveiled a private banking arm in India to serve high net worth (HNW) and ultra-high net worth (UHNW) professionals, entrepreneurs and their families.
The launch follows HSBC Group introducing global private banking in Thailand in 2021, and in Mexico, UAE, and Chengdu, Hangzhou and Shenzhen in mainland China in 2022.
The new business is aimed at clients with investable assets of more than $2m (£1.58m, €1.84m).
HSBC Group has also been strengthening its presence in India including acquiring L&T Investment Management Limited in 2022, now called HSBC Mutual Fund, and enhancing digital, payment, lending and international banking services, and providing life insurance services through its joint venture, Canara HSBC Life.
Surendra Rosha, co-chief executive of HSBC Asia Pacific, said: “India’s acceleration as one of the world’s largest and fastest-growing economies is supported by its demographics, digitisation and an enabling policy infrastructure.
“The launch of our new global private banking business will complement HSBC’s leading retail and corporate banking offerings. Ultimately, we are strengthening our presence in India and diversifying our capabilities in Asia.”
This story first appeared on our sister publication, Investment Advisor.