HSBC Group returned to the Indian private banking market on July 4 with the launch of its Global Private Banking (GPB) business. With this, the European lender stated that it seeks to serve the country's high-net-worth and ultra-high-net-worth professionals and businesses.

According to a press release, "the new business is aimed at clients with investable assets of more than $2 million."

HSBC Group already has a foothold in India through enterprises such as HSBC Mutual Fund and Canara HSBC. Furthermore, with the introduction of GPB, the London-based bank wants to offer wealth solutions as well as an enormous international network.

The bank has also detailed its services, which include offering clients investment solutions, a team of professionals for wealth management solutions, and transactional banking services.

However, the decision highlights India's future and positive outlook, as the country has eclipsed the United Kingdom as the world's fifth largest economy, according to the bank.

In terms of economics, India is anticipated to surpass Japan and Germany by 2027-28.

According to the bank, the number of ultra-high-net-worth individuals in India with more than $30 million to invest is expected to rise 58% by 2027, as India surpassed China to become the world's most populated country.

HSBC has plans to recruit about 30 bankers to service wealthy clients through the private bank in India, Bloomberg had reported in April. Private banking by HSBC was also introduced in Thailand in 2021, and in Mexico, UAE and in mainland China in 2022.