Spring sees entrepreneurialism-innovation fuelling significant wealth creation in India
London-headquartered HSBC has launched its Global Private Banking (GPB) business in India to serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) professionals, entrepreneurs and their families.
The wealth opportunity in India is represented by US$2.8 trillion in AUM today, with projected growth of 8% per annum by 2026. The number of UHNW individuals in India – those with more than US$30 million to invest – predicted to increase 58% by 2027.
The new business is aimed at clients with investable assets of more than US$2 million.
The launch further demonstrates the bank’s commitment to lead wealth management in Asia, by offering world-class wealth solutions, global private banking expertise, an extensive international network, and access to commercial banking, global banking and markets capabilities.
“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,” said Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific.
“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,” he said on 5 Jul 2023.
“Entrepreneurialism and innovation are fuelling both economic growth and significant wealth creation in India,” said Annabel Spring, Chief Executive Officer of HSBC Global Private Banking and Wealth.
“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.”
HSBC Group has also been strengthening its presence in India including acquiring L&T Investment Management Limited in 2022, now called HSBC Mutual Fund, and enhancing digital, payment, lending and international banking services, and providing life insurance services through its joint venture, Canara HSBC Life.
HSBC Global Private Banking will offer a broad range of tailored solutions and bespoke services in India:
Lending and investment products and propositions like mutual funds, bonds, portfolio management services, insurance and access to structured products, alternative investments and direct equity execution platform. The bank provides exclusive insights to support our clients’ decision-making through exclusive access to GPB investment insights;
A team of dedicated relationship managers, investment counsellors, and product specialists supporting wealth planning for individuals and family offices;
Transactional banking services (online and mobile), including global transfers, payments and international services, such as support for overseas account opening and education;
Recognized status and access to international banking, private investment and financing solutions across the HSBC Group (Commercial Banking, Global Banking & Markets, and global wealth hubs including Singapore, Hong Kong, the UK, the US and Dubai) and HSBC Premier Centers globally.
The launch follows HSBC Group introducing Global Private Banking in Thailand in 2021, and in Mexico, UAE, and Chengdu, Hangzhou and Shenzhen in mainland China in 2022.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. Fiinews.com
