HSBC launches global private banking business in India

It will service clients with investable assets of over $2m.

HSBC has launched its Global Private Banking (GPB) business in India to survive high net worth (HNW) and ultra-high net worth (UHNW) individuals.

The new business will service clients with investable assets of more than $2m.

HSBC said that it plans to offer world-class wealth solutions, global private banking expertise, and an extensive international network and access to commercial banking and global banking & markets capabilities.

The number of UNHW individuals in India is expected to grow 58% by 2027. The current wealth opportunity in India is represented by US$2.8t in assets under management (AUM) today, with projected growth of 8% per annum by 20264.

India surpassed the UK as the world’s fifth largest economy in 2022 and is expected to overtake Japan and Germany by 2027-28. India also overtook China as the world’s most populous country in April 2023.

“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,” said Surendra Rosha, co-chief executive of HSBC Asia Pacific.

“Ultimately, we are strengthening our presence in India and diversifying our capabilities in Asia,” Rosha added.