HSBC Pledges India Wealth Commitment Over Michelin Star Meal
- Lender plans to double down on India wealth management efforts
- Optimism toward India growth marks break from earlier doubt
The HSBC Holdings Plc India headquarters building in Mumbai.
Photographer: Kanishka Sonthalia/BloombergThis article is for subscribers only.
On a rainy July evening in Mumbai’s central business district, HSBC Holdings Plc announced to about 100 wealthy Indians it is returning to private banking in India, where it exited about eight years ago.
Over dinner served by the chef of Odette, a three-Michelin-star restaurant in Singapore, the bank’s wealthy clients who flew in from Hong Kong and Dubai, mingled with HSBC’s local customers. HSBC’s efforts to convince prospective Indian clients that its wealth management services in the country will not make a retreat again is a linchpin for its ambitious plans there.