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.
HSBC Asia Pacific Co-CEO - Surendra Rosha
India surpassed the UK as the world’s fifth largest economy in 2022 and is expected to overtake Japan and Germany by 2027-281. India overtook China as the world’s most populous country in April 20232 with the number of UHNW individuals in India – those with more than $30 million to invest – 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.
“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,” said Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific. “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.”
HSBC Global Private Banking Wealth CEO - Annabel Spring
“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:
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.
Vice President of External Communications, US
Notes to Editors
About HSBC Global Private Banking
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Global Private Banking seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Global Private Banking is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group. For more information, visit www.privatebanking.hsbc.com.
About HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $2,990bn at 31 March 2023, HSBC is one of the world’s largest banking and financial services organisations.