U.K. headquartered HSBC Holdings plc HSBC, is exploring a re-entry of onshore private banking in India (which it exited in 2015), where the ranks of the super rich are growing fast, and record high stock markets have created a string of billion-dollar start-ups.
Spearheaded by Group CEO Noel Quinn, HSBC is investing $3.5 billion into its wealth and personal banking business, in line with its ambition to become Asia’s top wealth manager by 2025.
Nuno Matos, the CEO of HSBC’s Wealth and Personal Banking division, said, “We want to bank mass affluent and high net worth customers. At this moment, the two major pillars we are expanding in India are insurance and asset management. On the private banking side, we are not there yet and that’s something that demands a strategic decision this year.”
HSBC is likely to face competition from firms such as Bank of America, Credit Suisse Group and UBS Group AG.
