HSBC has landed its Global Private Banking business in a fourth Asian country, now offering services covering wealth and bespoke investment and private banking to Indian high-net-worth (HNW) and ultra-high-net-worth (UHNW) professionals.
Designed for clients with investable assets of over US$2 million, the announcement follows India’s exponential growth in its economy and population, after it overtook the UK to become the world’s fifth largest economy in 2022 and is projected to surpass Germany and Japan by 2027-2028 according to the International Monetary Fund (IMF) World Economic Outlook.
India also surpassed China as the world’s most populous country in April 2023 according to data from the UN Department of Economic and Social Affairs, with the number of UNHW individuals with more than US$30 million to invest expected to rise by 58 per cent by 2027. GlobalData also found India has US$2.8 trillion in assets under management as of the 2022 financial year, with projected year-on-year growth of eight per cent.
“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,” Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific, said.
“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.”
The group’s Global Private Banking business provides Indian customers with a range of solutions and services, including:
- Custom lending and investment products, like mutual funds, bonds, portfolio management services, insurance, structured products, alternative investments and a direct equity execution platform
- A dedicated team to support wealth planning for individuals and family offices, with relationship managers, investment counsellors and product specialists
- Online and mobile transaction and support services, including global transfers, payments and overseas account opening
- Access to international banking, private investment and financing across the HSBC Group’s divisions, including Commercial Banking; Global Banking & Markets; global wealth hubs in Singapore, Hong Kong, the UK, the US and Dubai; and global HSBC Premier Centres
“Entrepreneurialism and innovation are fuelling both economic growth and significant wealth creation in India,” Annabel Spring, Chief Executive of HSBC Global Private Banking and Wealth, said.
“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.”
India joins Thailand, Mexico, United Arab Emirates and China as the latest country to launch HSBC’s Global Private Banking business, following the group’s 2022 acquisition of L&T Investment Management Limited (now called HSBC Mutual Fund); offering digital, payment, lending, and international banking services; and providing life insurance services through joint venture, Canara HSBC Life.