HSBC has launched a new private banking business in India with a view of targeting the country’s wealthiest citizens.

The company on Tuesday announced the launch of its Global Private Banking (GPB) business in India to serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients with investable assets of more than $2 million.

The bank noted that India surpassed the UK as the world’s fifth largest economy in 2022 and is expected to overtake Japan and Germany by 2027. It also pointed to research which predict that the number of UHNW individuals in India – those with more than $30 million to invest – is predicted to increase 58 per cent by 2027.

Annabel Spring, chief executive officer of HSBC Global Private Banking and Wealth, said: “Entrepreneurialism and innovation are fuelling both economic growth and significant wealth creation in India. Given this, being onshore in India is essential for HSBC’s ambition to be the leading global private bank for Asian, International and HSBC connected clients.

“We are excited to partner with our clients to protect and grow their wealth and support their ambitions for their families, businesses and legacies. We will bring the best of HSBC with world class wealth solutions, dedicated private banking teams and international expertise.”

This marks the latest rollout of HSBC’s GPB business, having launched it in Thailand in 2021, and in Mexico, UAE and a range of Chinese cities in 2022. The bank is also consolidating or entirely selling off businesses in lower priority markets, such as France and New Zealand as part of a pivot towards Asia.

Ramping up its focus in non-Western markets, HSBC is reportedly in talks to recruit a team of senior Middle East wealth managers from Credit Suisse.

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