HSBC India has launched its first premium credit card, HSBC Privé, exclusively designed for its Global Private Banking clients. This invitation-only card is tailored to cater to high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), offering a suite of elevated travel, exclusive access, and exceptional lifestyle benefits.
The launch in India is part of HSBC’s global programme aimed at delivering bespoke experiences to its private banking clients. The initiative, which debuted in Hong Kong, is set to expand to other global markets. In India, the Global Private Banking business serves clients with investable assets exceeding USD $2 million, including entrepreneurs, professionals, and their families.
Curated Privileges for Elite Clients
In collaboration with Mastercard, HSBC Privé provides an array of benefits designed to align with the aspirations and dynamic lifestyles of its UHNWI and HNWI clients. Key features include:
- Travel Perks: Companion first or business-class airline tickets, access to global airport lounges, travel insurance, and zero forex mark-up on international spends.
- Exclusive Access: Membership to private clubs, Michelin Star restaurants, bespoke experiences such as travel by private jet, and complimentary golf access in Asia Pacific.
- Lifestyle Enhancements: Premium hospitality upgrades, exclusive shopping privileges, and access to wellness programmes with celebrity trainers.
Commenting on the launch, Sandeep Batra, Head, Wealth and Personal Banking, HSBC India, said, “For our Global Private Banking clients who lead dynamic lives with a spirit of ambition and entrepreneurship, we offer a distinctive wealth management approach and our clients choose us not only because of our deep understanding of their needs, but also our capabilities to provide them with bespoke services beyond private banking. We are excited to welcome our clients to HSBC Prive and the unparalleled experiences and opportunities that it has to offer in line with their aspirations and lifestyle needs.”
Gautam Aggarwal, Division President, South Asia at Mastercard, said, “Mastercard is a leader in delivering unmatched value proposition across consumer segments globally. India today is among the fastest-growing countries in terms of the number of ultra-high-net-worth individuals. At the cusp of such a tectonic shift in the economic composition of the country, this association will enable Mastercard and HSBC to elevate extraordinary experiences for the latter’s Global Private Banking clients. Integrating personalised services and priceless propositions with security that inspires confidence, HSBC Privé will set a new benchmark in the UHNWI and HNWI segment.”
The card launch aligns with a surge in luxury spending by affluent Indian entrepreneurs, who are optimistic about their business prospects. Credit card spending by UHNWI and HNWI clients in India grew by 87% year-on-year in 2023, with significant growth in travel and experiential spending.
HSBC Privé represents a strategic move to enhance its offerings for affluent clients, reinforcing its position in India’s rapidly growing luxury and private banking market.
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