HSBC announced that it is returning to private banking in India, where it had exited eight years ago. HSBC saw invested assets in India triple in 2022, growing its non-resident Indian customers 9% over the same period. The firm announced plans to recruit over two dozen wealth bankers for this fresh effort. HSBC s India private banking operation is aimed at professionals, entrepreneurs, and their families with investable assets of over $2mn. Wealth management business contributes over 1/3 of HSBC s overall pretax profit.
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