In a bid to capitalize on India’s wealth opportunity, HSBC is reportedly planning to hire dozens of private bankers for its onshore business.
HSBC plans to hire about 30 private bankers to service India’s ultra-rich onshore, according to a «Bloomberg» report citing unnamed sources.
The roles will be filled internally by staff in the country as well as by hiring talent from rivals and independent firms.
Onshore Launch
HSBC separately announced in July 2022 that it would reenter India’s onshore private banking market following a decision to exit in 2015.
According to the report, the bank will launch the onshore unit in «the next few months» and services could be ready as soon as June.
«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,» HSBC India CEO Hitendra Dave previously said.
