HSBC wealth and personal banking chief Nunos Matos reportedly shared that the British lender was eyeing a reentry into private banking in India, noting that the market demands a strategic decision this year.
After exiting the Indian private banking business in 2015 as part of the group’s strategic rejig, HSBC is considering a re-entry into the onshore market in addition to serving the global segment out of hubs in Singapore, London and the Middle East.
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, said HSBC’s Nuno Matos.
On the private banking side, we are not there yet and that’s something that demands a strategic decision this year.
Elsewhere in the region, HSBC remains in growth mode with the China onshore private banking business expecting headcount to increase from 20 at the end of last year to 64 by 2021-end and doubling again by 2022-end.
Matos also highlighted growth opportunities in Singapore, where it bought French insurer AXA’s assets for $575 million, and the broader Southeast Asia region.
Asian wealth is expanding twice as fast as the rest of the world. This is a compelling opportunity for us, Matos added. I’m not going to redo now our goals but what I can say is that in 2021, we will over-deliver our goals on the wealth side.