London-headquartered HSBC has launched its global private banking business in India, marking a re-entry eight years after exiting in 2015.
HSBC has launched its global private banking (GPB) business in India, according to a statement, targeting clients with investable assets of over $2 million.
The business will include a team of dedicated relationship managers, investment counsellors, and product specialists to support wealth planning for individuals and family offices.
The product offering will include bespoke lending, funds, bonds, portfolio management services, insurance, structured products access, alternative investments and a direct equity execution platform. Clients will also gain access to transactional banking services and other solutions across the group.
Onshore Expansion
HSBC re-enters India’s onshore private banking market after exiting in 2015 following a strategic review. It has also recently expanded in other areas in India like asset management, with the acquisition of L&T Investment Management in 2022, renamed as HSBC Mutual Fund.
«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 global private banking and wealth CEO Annabel Spring.
The British lender is also seeking onshore private banking expansion in other markets, having launched in Thailand in 2021 followed by Mexico, UAE as well as Chengdu, Hangzhou and Shenzhen in mainland China in 2022.
