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HSBC ahead of China wealth hiring targets, mulls re-entering India private banking

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By end-2021, HSBC will have 64 working in its China onshore private banking.

HSBC is reportedly ahead of its hiring plans for its Chinese wealth management business and is now exploring re-entering India’s private banking business, Reuters reported, based on interviews with senior executives.

Earlier in 2021, the bank unveiled plans to pour in $3.5b into its wealth and personal banking business as part of its ambitions to become Asia’s top wealth manager by 2025.

The bank had 20 people operating in China’s onshore private banking business at the end-2020, said Siew Meng Tan, head of HSBC Private Banking for the Asia Pacific.

“By the end of this year, we will get to 64 and by the end of next year, we’ll double that,” she said.

HSBC is also exploring whether to re-enter onshore private banking in India, where the ranks of the super-rich are growing fast and record-high stock markets have created a string of billion-dollar start-ups.

HSBC exited the Indian private banking business in 2015.

Here’s more from Reuters.