HSBC plans to relaunch its India private banking business within a year, according to a report by Reuters citing the global bank's India chief executive.
HSBC had exited the Indian private banking business in 2015 as part of a group strategy.
Hitendra Dave, CEO, HSBC India told Reuters: "We can see the amount of wealth creation in India and the growth in the number of millionaires ... so an in-principle decision has been made to re-introduce private banking in India."
"We are running through the process of internal approvals and it may take anywhere from six to 12 months and will include a full suite of private banking products," he said in the interview.
