SG Private Banking has launched in India in an attempt to woo the country’s high net worth individuals. The French bank has hired a team...

SG Private Banking has launched in India in an attempt to woo the country’s high net worth individuals. The French bank has hired a team of private bankers to be based in New Delhi and Mumbai. The team is headed by Sandeep Sharma. "India is a significant market for our private banking business in Asia as it offers significant growth potential," said Daniel Truchi, Asia-Pacific chief executive of SG Private Banking in a statement. Estimates place the number of wealthy Indians with at least $1 million in financial assets at around 70,000. Indian investors have seen a stock market rally in which the main Bombay share index has nearly tripled in the past two-and-a-half years. This in itself has also created much wealth.