MUMBAI: HSBC Holdings PLC plans to relaunch its India private banking business within a year, its India CEO told Reuters on Thursday , after the Asia-focused lender has identified the country as a key strategic market for growth.
"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," Hitendra Dave, CEO, HSBC India said. Nuno Matos, HSBC global CEO of wealth and personal banking, which includes the private banking business, told Reuters in November last year that the bank was exploring whether to re-enter onshore private banking in India.
HSBC India's profit before tax rose 9 per cent to US$1.11 billion in 2021 from US$1.02 billion in 2020 led by a 42 per cent growth in income from its commercial banking business, which includes medium and small enterprises.