HSBC launches Global Private Banking in India for high net-worth professionals

The Hongkong and Shanghai Corporation Bank (HSBC) on Tuesday said that it 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.

HSBC said the new business is aimed at clients with investable assets of more than $2 million.

“Today's 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.

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 & markets capabilities, added HSBC.

“Entrepreneurialism and innovation are fueling 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 Annabel Spring, Chief Executive of HSBC Global Private Banking and Wealth.

“We are excited to partner with our clients to protect and grow their wealth and support their ambitions for their families, business and legacies. We will bring the best of HSBC with world class wealth solutions, dedicated private baking teams and international expertise,” Spring added.

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.

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.

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