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HSBC Introduces Global Private Banking in India to Cater to Rapidly Expanding Economy

HSBC has recently unveiled its Global Private Banking (GPB) business in India, with the aim of catering to high-net-worth (HNW) and ultra-high-net-worth (UHNW) professionals, entrepreneurs, and their families. This move underscores HSBC’s commitment to becoming a leader in wealth management across Asia, offering top-tier wealth solutions, global private banking expertise, an expansive international network, and access to Commercial Banking and Global Banking & Markets capabilities.

India’s remarkable economic growth has positioned it as the world’s fifth-largest economy, surpassing the UK in 2022, and is projected to overtake Japan and Germany by 2027-281. The country has also taken over China as the most populous nation in April 20232. With a substantial number of individuals classified as UHNW (with over US$30 million to invest), this segment is predicted to witness a 58% increase by 20273. The wealth opportunity in India is reflected in the current US$2.8 trillion in assets under management (AUM), projected to grow at a rate of 8% per annum by 2026.4

Source: News Patrolling


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