FINANCIAL services firm, HSBC, launched global private banking (GPB) business in India to serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) professionals, entrepreneurs and their families with investable assets of more than £1.6 million ($2m), a statement said on Tuesday (4).
It offers wealth solutions, global private banking expertise, an extensive international network and access to commercial banking and global banking and markets capabilities, the statement added.
The number of UHNW individuals in India, those with more than £23.6m to invest, predicted to increase 58 per cent by 2027. The wealth opportunity in the country is £2.2 trillion now, with projected growth of 8 per cent by 2026.
Surendra Rosha, co-chief executive of HSBC Asia-Pacific, said, "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.”
“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," said Annabel Spring, chief executive officer of HSBC Global Private Banking and Wealth.
"We are excited to partner with our clients to protect and grow their wealth and support their ambitions for their families, businesses and legacies."
In 2022, HSBC Group acquired L&T Investment Management Limited and renamed it as HSBC Mutual Fund. The firm provides enhanced digital, payment, lending and international banking services. The joint venture, Canara HSBC Life, provides life insurance services.
