HSBC Holdings Plc. appointed senior banker Gautam Anand to oversee private banking services for global and onshore Indians, as it seeks to deepen its push into wealth management.
Anand is currently HSBC's Global Coordinator for Global India, Middle East & North Africa and Europe, the British bank said in a statement on Wednesday. The appointment is effective April 24.
HSBC and Wall Street giants have been focusing more on wealth-management in recent years as the business helps to provide more stable profits, with Chief Executive Officer Georges Elhedery looking to build on that shift since he took charge in September 2024. HSBC began private banking operations in India in 2023, marking a return to the market.
While private banks traditionally target wealthy Indians living abroad, the number of millionaires residing in the country is growing, driven by economic growth and a vibrant stock market.
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The South Asian nation has more than 85,000 high-net-worth individuals - those with $10 million or more - which puts it fourth behind the US, China and Japan, according to a report by Knight Frank.
Anand joined HSBC in 2023 from UBS Group AG, and previously spent nearly a decade at Credit Suisse.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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