HSBC expands its private banking business in South Asia
HSBC has appointed Gautam Anand as the new head of global private banking for South Asia, effective from 1 December 2023. Anand will be responsible for leading HSBC’s private banking team in South Asia, which covers India, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. He will also drive the growth and performance of HSBC’s private banking business in these markets, where the bank is accelerating its expansion onshore, offshore and in international wealth corridors.
Anand joins HSBC from UBS, where he was the co-head of global family and institutional wealth for Asia Pacific. He has over 25 years of experience in the financial industry, spanning private banking, investment banking and asset management. He has worked in various senior roles at UBS, including head of active portfolio advisory for Asia Pacific, head of credit sales for Asia Pacific, and head of fixed income sales for India. He started his career at Citibank in India and holds a degree in commerce from the University of Delhi.
HSBC aims to be Asia’s leading wealth manager
HSBC’s appointment of Anand is part of its strategy to be Asia’s leading wealth manager, as the region is home to some of the world’s fastest growing economies and an expanding millionaire population that is forecast to reach approximately 20 million individuals by 2035. HSBC has been investing in its global private banking client and product capabilities in its Singapore wealth hub and expanding in key growth markets, launching global private banking in India in July 2023 and in Thailand in 2021.
Siew Meng Tan, regional head of HSBC global private banking, Asia Pacific, said: “Our expansion in South Asia is gaining momentum as we invest in our capabilities and deepen our presence. Gautam’s expertise in delivering solutions for ultra-high-net-worth and entrepreneurial clients and his strong track record of strategic execution make him the ideal person to take the business forward in South Asia.”
Anand will be based in Singapore and report to Tan on a functional basis and to Kai Zhang, head of wealth and personal banking, South Asia, on an entity basis. He succeeds Tommy Leung, who was appointed as the head of global private banking for Greater China in October 2023.
HSBC faces competition from other global and local players
HSBC’s move to strengthen its private banking business in South Asia comes amid increasing competition from other global and local players in the region. According to a report by Asian Private Banker, HSBC ranked seventh among the top 20 private banks in Asia by assets under management in 2022, with $138 billion, behind UBS, Credit Suisse, Citi, Julius Baer, DBS and Standard Chartered. The report also noted that HSBC’s private banking assets in Asia grew by 9.5% year-on-year in 2022, compared to the industry average of 13.9%.
HSBC also faces challenges from the regulatory and geopolitical environment in some of its key markets, such as Hong Kong and China, where the bank has faced scrutiny and criticism from both the US and Chinese authorities over its stance on the national security law and the Huawei case. HSBC has reiterated its commitment to its dual home markets of Hong Kong and the UK, and its support for the opening up of China’s financial sector.
