HSBC and UBS are expanding their wealth management arms in India to compete with local rivals after a listings boom minted a new class of millionaires.
The Swiss bank is looking to acquire shares in one of India’s largest wealth management companies 360 ONE, said two people familiar with the matter, while HSBC announced in January it would nearly double its branches in India with a focus on “cities identified for their growing wealth pools”.
A record year of initial public offerings in 2024 created a new crop of rich Indians, prompting big banks to start offering bespoke services and cater to wealthy households outside the large metropolitan areas.
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