HSBC plans to set up a private banking division in India and has hired a UBS banker to spearhead the new business, according to reports in t...

HSBC plans to set up a private banking division in India and has hired a UBS banker to spearhead the new business, according to reports in the Indian press. The bank has hired Subir Mittra to head the new division. Nicholas Winsor, head of personal financial services in India for HSBC told the Indian Financial Express that HSBC wished to make use of its international expertise to offer private banking services “with a difference.” “The new-age affluent customer has diverse interests, spanning across fields such as art, property, et al. We plan to offer advisory services catering to each of these varied interests,” he told the local newspaper. Both the Indian mass affluent and high net worth market are increasingly attracting the interest of wealth managers, particularly as India reforms its financial sector and allows in greater foreign competition in line with World Trade Organisation requirements.