HSBC is reportedly considering a re-entry to India’s private banking space to take advantage of the country’s rapidly evolving high-net-worth (HNW) segment.
The British lender decided to halt its Indian private banking business in 2015 after a strategic review of its global private banking operations in the country.
The bank is now exploring options for re-entry as part of its efforts to boost business by taking advantage of Asian market and wealth division, Reuters reported.
HSBC Wealth and Personal Banking CEO Nuno Matos told the news agency: “We want to bank mass affluent and high net worth customers. At this moment, the two major pillars we are expanding in India are insurance and asset management.
“On the private banking side, we are not there yet and that’s something that demands a strategic decision this year,” Matos added.
At present, HSBC is serving HNW individuals in India from its hubs in London, Singapore, and the Middle East.
In April this year, Nikkie Asia reported that the bank was eyeing acquisition opportunities in Asian wealth management space where it intends to be a top player by 2025.
As part of the new strategy envisioned by Group CEO Noel Quinn, the bank is infusing $3.5bn into its wealth and personal banking division.
It is also planning to hire 700 personal wealth planners in China by the year-end to further push its mobile wealth planning service HSBC Pinnacle.
Initially, the bank was planning to hire only 550 advisers.
Matos said: “We are the leading international bank in China, so we want to squeeze that opportunity.”
HSBC’s Asian wealth and personal banking unit made up 44% of its adjusted global revenue last year.