HSBC and UBS expand wealth management in India

HSBC and UBS are expanding their wealth management services in India, targeting new millionaires created by a surge in initial public offerings. UBS is reportedly seeking to acquire shares in 360 ONE, a major wealth management firm. HSBC plans to nearly double its branches in India, focusing on cities with growing wealth. The wealth management sector is expected to see significant growth, with assets projected to exceed $850 billion in five years. Global banks aim to attract clients from the Indian diaspora and those interested in overseas investments. Local banks, like Kotak Mahindra, report strong growth in their wealth management clientele, especially in smaller cities.