{"id":767634,"date":"2023-07-05T06:03:14","date_gmt":"2023-07-05T10:03:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/hsbc-launches-global-private-banking-in-india-to-serve-one-of-the-worlds-fastest-growing-economies\/"},"modified":"2023-07-05T06:03:14","modified_gmt":"2023-07-05T10:03:14","slug":"hsbc-launches-global-private-banking-in-india-to-serve-one-of-the-worlds-fastest-growing-economies","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hsbc-launches-global-private-banking-in-india-to-serve-one-of-the-worlds-fastest-growing-economies\/","title":{"rendered":"HSBC Launches Global Private Banking in India to Serve One of the World\u2019s Fastest-Growing Economies"},"content":{"rendered":"

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HSBC Launches Global Private Banking in India to Serve One of the World\u2019s Fastest-Growing Economies<\/b><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nHSBC 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 new business is aimed at clients with investable assets of more than $2 million.<\/p>\n

\nThe launch further demonstrates the bank\u2019s 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.<\/p>\n

\nIndia surpassed the UK as the world\u2019s fifth largest economy in 2022 and is expected to overtake Japan and Germany by 2027-281<\/sup>. India overtook China as the world’s most populous country in April 20232 with the number of UHNW individuals in India \u2013 those with more than $30 million to invest \u2013 predicted to increase 58% by 20273. The wealth opportunity in India is represented by $2.8 trillion in AUM today, with projected growth of 8% per annum by 20264<\/sup>.<\/p>\n

\n\u201cIndia\u2019s acceleration as one of the world\u2019s largest and fastest-growing economies is supported by its demographics, digitisation and an enabling policy infrastructure,\u201d said Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific. \u201cThe launch of our new Global Private Banking business will complement HSBC\u2019s leading retail and corporate banking offerings. Ultimately, we are strengthening our presence in India and diversifying our capabilities in Asia.\u201d<\/p>\n

\n\u201cEntrepreneurialism and innovation are fuelling both economic growth and significant wealth creation in India,\u201d said Annabel Spring, Chief Executive Officer of HSBC Global Private Banking and Wealth. \u201cGive this, being onshore in India is essential for HSBC\u2019s 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.\u201d<\/p>\n

\nHSBC 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.<\/p>\n

\nHSBC Global Private Banking will offer a broad range of tailored solutions and bespoke services in India:<\/p>\n