HSBC has strengthened its presence in India after opening its first private banking office in the country.
The business will be available to ultra-high net worth (UHNW) clients with more than US$2 million in investable assets.
HSBC has looked to expand its private banking business in Asia in the last two years. In 2021 it launched in Thailand, and last year it opened offices in Chengdu, Hangzhou and Shenzhen in Mainland China.
It is not difficult to see the reasoning behind the latest international opening. India has already overtaken the UK as the world’s fifth-largest economy, and the number of UNHWs (with assets of more than $30 million) is set to increase by 58% by 2027.
The country’s wealth management market, which currently has $2.8 trillion in assets under management, is projected to grow by 8% per annum by 2026.
Surendra Rosha, co-chief executive of HSBC Asia Pacific, said the launch showed the bank is “strengthening our presence in India and diversifying our capabilities in Asia”.
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