HSBC has re-started its private banking operations in India nearly eight years after it shut down the business in the country.

In its second coming, Europe’s largest lender will be trying to fight its way through a tight scrum of wealth managers to serve a fast-growing tribe of millionaires.

With the relaunch of its Global Private Banking (GPB) business in India, HSBC will be targeting a wide range of specialized services at professionals, entrepreneurs and their families with investable assets of more than $2 million (about Rs 16.4 crore), the London-based bank said in a statement Tuesday.

HSBC said its aim is to become a leader in wealth management in Asia by leveraging its global private banking expertise and extensive international network in commercial banking.

Explaining the rationale for its re-entry, HSBC said India has surpassed the UK as the world’s fifth-largest economy in 2022 and is expected to overtake Japan and Germany by 2027-28.

It overtook China as the world’s most populous country in April 2023 with the number of UHNW individuals in India – those with more than $30 million to invest – predicted to increase 58 per cent by 2027.

India has $2.8 trillion in assets under management which is projected to grow 8 per cent annually by 2026 — an indicator of wealth opportunity in the country.

“India’s acceleration as one of the world’s largest and fastest-growing economies is supported by its demographics, digitisation and enabling policy infrastructure.

“Today’s 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,’’ Surendra Rosha, co-chief executive of HSBC Asia Pacific, said.

It will provide solutions that meet the needs of its clients: including bespoke lending and investment products and mutual funds, bonds, portfolio management services, insurance and access to structured products.

It would also offer alternative investments and a direct equity execution platform.