HSBC chases HNIs in India with private bank launch

Tribune Web Desk

Updated At : 12:14 PM Jul 05, 2023 IST

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London, July 4

HSBC said on Tuesday it would target business with India’s wealthy as it launched its global private banking business in the country. Europe’s largest bank said the new unit was aimed at ‘high-net-worth’ and ‘ultra-high-net-worth’ clients with investable assets of more than $2 million.

HSBC is pursuing a strategy of further expansion in Asia which generates the bulk of its profit and in high margin services, including wealth management, as it sheds under-performing consumer businesses in other parts of the world. Reuters

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