HSBC Holdings PLC is reportedly planning to relaunch its India private banking business within a year.
The bank exited the Indian private banking business in 2015. The decision was taken after a strategic review of the global private banking operations in the country.
Now, the bank has identified the country as a key strategic market for growth. “An in-principle decision has been taken to re-introduce private banking in India,” Hitendra Dave, CEO, HSBC India said.
According to reports, the process of internal approvals is underway which may take approximately six to 12 months.
The bank will include a full suite of private banking products
HSBC India’s profit before tax stood at 9 per cent to $1.11 billion in 2021. It registered a 42 per cent growth in income from its commercial banking business.