HSBC launches Global Private Banking in India to serve one of the world's fastest-growing economies  

HSBC today 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 US$2 million.
 

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 and Global Banking & Markets capabilities.
 

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 US$30 million to invest - predicted to increase 58% by 20273. The wealth opportunity in India is represented by US$2.8 trillion in AUM today, with projected growth of 8% per annum by 2026.4
 

Surendra Rosha, Co-Chief Executive of HSBC Asia-Pacific, said: "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. 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."
 

Annabel Spring, Chief Executive of HSBC Global Private Banking and Wealth, said: "Entrepreneurialism and innovation are fuelling 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. 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."