HSBC Private Bank has bolstered its Global South Asian Diaspora team with the appointment of Priya Mallik as a senior relationship manager in North India.

Ms Mallik was most recently with Societe Generale Private Banking, prior to which she was the regional head of American Express Private Bank in Delhi.

In her new role Ms Mallik reports to Samrat Banerjee, head of HSBC Private Bank’s Delhi office.

“Priya brings a different dimension to the team having worked on a number of integrated deals involving, for example, structured finance and M&A advisory,” Raj Parmar, global head of the GSAD team, said in a statement.

Ms Mallik’s appointment closely follows that of Jafar Hamid - also for the GSAD team - in July.

Mr Hamid, who is based in London as a managing director, key accounts, joined HSBC Private Bank from UBS, where headed the key accounts desk in the Swiss bank’s south Asian team.

In a March report, Opportunities for Wealth Management in India, UK-based consultants Ledbury Research said that non-resident Indians now represent more millionaires than Russia. Furthermore, the wealth of high net worth global south Asians is estimated to be in excess of $1 trillion, and HSBC Private Bank is far from alone in recognising the growth potential of this market segment: Barclays Wealth, Deutsche Bank Private Wealth Management and Merrill Lynch are just a few of the firms with specialist non-resident Indian teams.

HSBC Private Bank’s GSAD team numbers over 110 client facing staff based across nine locations; its regional offices are situated in India, North America, the UK, Switzerland, the Channel Islands, Dubai, Luxembourg, South Africa, Singapore and Hong Kong.