HSBC has said it has launched its private banking operations in India, marking the world’s eight-largest bank return to the market as it looks to cater to the country’s richest.

What Happened? The London-based bank will focus on professionals, entrepreneurs, and their families with investable assets exceeding $2 million (₹16 crore), aiming to meet the rising demand for wealth management services in India, it said in a statement.

India, the world’s most populous nation, is expected to see a 58% increase in the number of ultra-high-net-worth individuals with over $30 million (₹246 crore) to invest by 2027, according to HSBC.

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To support its private banking services, HSBC plans to hire around 30 bankers in India. This strategic move follows the bank’s withdrawal from the market in 2015. HSBC has recently expanded its private banking offerings in other countries, including Thailand, Mexico, the United Arab Emirates, and mainland China.

In addition to HSBC, other global players like LGT Wealth India and Julius Baer Group are also expanding their operations in India. By launching private banking services in India, HSBC aims to tap into the country’s growing wealth market and provide tailored financial solutions to affluent individuals and families.

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