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HSBC to re-enter India’s private banking market
July 01, 2022
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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