HSBC today (4 July) 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 $2m.

HSBC highlighted in a statement how 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 also overtook China as the world's most populous country in April 2023 with the number of UHNW individuals in India - those with more than $30m to invest - predicted to increase 58% by 20273.

The wealth opportunity in India is represented by $2.8trn in AUM today, with projected growth of 8%pa by 2064.

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 officer 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."

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:
•    Solutions that meet the needs of our clients including, bespoke lending and investment products and propositions like mutual funds, bonds, portfolio management services, insurance and access to structured products, alternative investments and direct equity execution platform. We provide exclusive insights to support our clients' decision-making through exclusive access to GPB investment insights. 
•    A team of dedicated relationship managers, investment counsellors, and product specialists supporting wealth planning for individuals and family offices 
•    Transactional banking services (online and mobile), including global transfers, payments and international services, such as support for overseas account opening and education
•    Recognised status and access to international banking, private investment and financing solutions across the HSBC Group (Commercial Banking, Global Banking & Markets, and global wealth hubs including Singapore, Hong Kong, the UK, the US and Dubai) and HSBC Premier Centres globally 

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.