Growth at HSBC’s India private banking business is accelerating with invested assets tripling in 2022, according to senior executive Nuno Matos.
Earlier this month, HSBC announced the opening of its onshore private banking unit in India which includes a team of dedicated relationship managers, investment counsellors and product specialists. After exiting eight years ago, the launch marks a return to the market where the Asia-focused lender is betting on for growth in its wealth business.
There has been rapid progress thus far, according to a «Bloomberg» interview with global head of wealth and personal banking Nuno Matos who disclosed that invested assets in India had more than tripled in 2022, without revealing the absolute figure. The bank also saw a 9 percent increase in non-resident Indian customers during the same period.
«Today, South Asia and Southeast Asia region put together is the rising star of global wealth,» Matos said.
Global Indians
According to HSBC, rich Indians have not only onshore wealth demands but many own businesses that want to make acquisitions abroad, where they will also have offshore wealth needs.
«The fact that this region is growing fast is creating a significant amount of wealth pools which reside domestically or move abroad to international hubs. What we are doing in the case of India is to double down on both sides,» added Matos, who said that he is one-quarter Indian as his grandfather was from a former Portuguese colony in Daman.
HSBC joins a number of other private banking rivals that are also vying for onshore market share in India including Julius Baer, UBS, LGT and Barclays.
