After identifying the nation as a critical strategic market for expansion, HSBC Holdings PLC expects to restart its India private banking business within a year, its India CEO told Reuters on Thursday.
In 2015, HSBC discontinued its private banking operations in India as part of a global strategy. There are few international competitors in a market area that caters to high-net-worth individuals in the lucrative but fiercely competitive Indian market.
The London-based bank is getting ready to resume its operations in India at a time when it is focusing more on Asia, the area that generates the majority of its profits with Greater China and India among its key markets.
“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,” Hitendra Dave, CEO, HSBC India said.
At the moment, HSBC concentrates on serving wealthy Indians out of its international headquarters in Singapore, London, and the Middle East.
The post HSBC to bring back private banking in India appeared first on PAN Finance.
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