Clients with investment potential of more than $2m are the target market for the new HSBC India business.

The launch underscores the bank’s focus on leading wealth management in Asia by providing world-class wealth solutions, global private banking knowledge and a vast international network.

Furthermore, access to commercial banking and global banking and markets capabilities.

India surpassed the United Kingdom to become the fifth-largest economy in the world in 2022, and it is anticipated that it would exceed Japan and Germany by 2027–2028.

In addition, India has overtook China as the world’s most populous nation in April 2023, and by 2027, there are projected to be 58% more UHNW individuals living there, those with an investment portfolio worth more than $30m.

With a predicted 8% annual growth rate through 2026, the wealth opportunity in India is now represented by $2.8trn in assets under management.

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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. Today’s 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.”

Footprint in India

Along with the 2022 acquisition of L&T Investment Management Limited, presently known as HSBC Mutual Fund.

It has enhanced its digital, payment, lending, and foreign banking services and offers life insurance services through its joint venture, Canara HSBC Life.

HSBC Global Private Banking will provide a wide range of specialised services and solutions, including:

  • Solutions tailored to clients’ needs include bespoke loan and investing products and propositions such as mutual funds, bonds, portfolio management services, and insurance.
  • A professional team of relationship managers, investment advisors, and product specialists assisting with wealth planning for individuals and family offices.
  • Transactional banking services (online and mobile), including foreign services, support for opening accounts abroad, payments, and payments worldwide
  • Established status and access to international banking, private investment, and financing solutions across the HSBC Group
chief executive officer of HSBC global private banking and wealth, Annabel Spring.

Annabel Spring, chief executive officer of HSBC global private banking and wealth, added:

“Entrepreneurialism and innovation are fuelling both economic growth and significant wealth creation in India. Given this, being onshore in India is essential for HSBC’s ambition to be the leading global private bank for Asian, International and HSBC connected clients. We are excited to partner with our clients to protect and grow their wealth and support their ambitions for their families, businesses and legacies. We will bring the best of HSBC with world class wealth solutions, dedicated private banking teams and international expertise.”