HSBC has opened its global private banking (GPB) business in India to cater to high-net-worth and ultra-high-net-worth professionals, entrepreneurs, and their families.

The British financial services company’s new business will target customers having investable assets of more than $2m.

Through the launch of the GPB business, HSBC aims to further lead wealth management in Asia.

The firm expects to offer world-class wealth solutions, global private banking expertise, an extensive international network and access to commercial banking, global banking as well as markets capabilities.

According to HSBC, the new business will offer investment and lending products and propositions. These include bonds, portfolio management services, mutual funds, insurance as well as access to structured products, alternative investments, and direct equity execution platform.

It will also provide a team of investment counsellors, relationship managers and product specialists to help wealth planning for individuals and family offices.

Besides, the GPB business will deliver transactional banking services, including global transfers, payments and international services, which also cover support for overseas account opening and education.

Furthermore, the new business will provide recognised status and access to international banking, private investment, and financing solutions across the HSBC Group and HSBC Premier Centers worldwide.

HSBC Asia-Pacific co-chief executive Surendra Rosha said: “The launch of our new Global Private Banking business will complement HSBC’s leading retail and corporate banking offerings.

“Ultimately, we are strengthening our presence in India and diversifying our capabilities in Asia.”

In 2022, HSBC acquired L&T Investment Management to strengthen its position in India. The acquired business is now operating as HSBC Mutual Fund.

The UK-based lender is also said to be improving digital, payment, lending and international banking services.

Besides, HSBC offers life insurance services through its joint venture, Canara HSBC Life.