HSBC has set-up its Global Private Banking (GPB) business in India, to serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals, entrepreneurs, and their families.
Through the new business unit, HSBC targets clients with investable assets of more than $2m.
The bank aims to lead wealth management in Asia, by providing advanced wealth solutions, private banking expertise, extensive network, and access to commercial banking capabilities.
HSBC GPB business will provide a wide range of customised solutions and services in India.
It will offer mutual funds, bonds, portfolio management services, insurance and access to structured products, alternative investments, and direct equity execution platform.
The new business will also provide exclusive insights to support its clients’ decision-making, by providing exclusive access to GPB investment insights.
It will dedicate a team of relationship managers, investment counsellors, and product specialists to support the wealth planning for individuals and family offices.
GPB will enable online and mobile transaction services, including global transfers, payments and international services, such as support for overseas account opening and education.
HSBC Asia-Pacific co-chief executive Surendra Rosha 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.”
HSBC said that India has outdone the UK as the world’s fifth largest economy and has surpassed China to become the world’s most populous country.
Currently, India’s wealth opportunity is represented by $2.8tr in assets under management (AUM), with projected growth of 8% per annum by 2026.
HSBC has been strengthening its footprint in India, by acquiring L&T Investment Management in 2022, and improving its digital, payment, lending and other banking services offering in India.
The British lender launched its private banking division in India, following Thailand in 2021, and Mexico, UAE, and Chengdu, Hangzhou and Shenzhen in mainland China last year.
HSBC global private banking and wealth chief executive officer Annabel Spring said: “Entrepreneurialism and innovation are fuelling both economic growth and significant wealth creation in India.
“Give 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.”