Hong Kong and Shanghai Banking Corp Ltd (HSBC) has relaunched its private banking business in India almost eight years after it closed the division amid an investigation by India’s tax department against individuals who had unaccounted foreign currency accounts in the bank’s Swiss branch.
The private banking business serves high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals and families with investable assets of more than $2 million. “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,” said Surendra Rosha, Co-chief Executive.
India surpassed the UK as the world’s fifth largest economy in 2022 and is expected to overtake Japan and Germany by 2027-28 according to the UN department of economic and social affairs. The bank quoted a Knight Frank wealth report which said that the number of ultra high net worth individuals in India with more than $30 million to invest will increase 58% by 2027.