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HSBC to re-enter India’s private banking market

July 01, 2022

HSBC to re-enter India’s private banking market
HSBC is set to relaunch its India private banking business within a year, reported Reuters citing HSBC India CEO Hitendra Dave.

The London-headquartered bank pulled the plug on its private banking operations in India in 2015 after a strategic review of its global private banking operations.

The latest move comes as the bank considers the country as a key strategic market for growth across Asia. 

Dave told the news agency in an interview: “We can see the amount of wealth creation in India and the growth in the number of millionaires … so an in-principle decision has been made to re-introduce private banking in India.

“We are running through the process of internal approvals and it may take anywhere from six to 12 months and will include a full suite of private banking products.”

India’s private banking sector is said to have very few foreign players in a segment catering to high-net-worth (HNW) individuals.

HSBC currently serves its wealthy Indian clients from its global offices in London.

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