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HSBC and UBS are intensifying their presence in India's wealth management sector, spurred by a surge in IPOs that has generated a new wave of millionaires. UBS is in advanced talks to acquire 360 ONE, a firm managing over $26 billion in assets, while HSBC aims to double its operations in the country. Last year, India experienced a record 42 IPOs, injecting $58 billion into the market and attracting global financial institutions to the region.
HSBC and UBS are expanding their wealth management operations in India, driven by a surge in new millionaires following recent IPOs. UBS is reportedly interested in acquiring the Indian firm 360 ONE, while HSBC plans to double its branch presence in the country. Yatin Shah, co-founder of 360 ONE, noted that many reputable firms view India as a promising market for the next couple of decades.
HSBC and UBS are expanding their wealth management operations in India, driven by a surge in new millionaires following a record year of IPOs. UBS is reportedly seeking to acquire shares in 360 ONE, while HSBC plans to nearly double its branches, targeting cities with growing wealth. The wealth management sector is projected to see significant growth, with the number of individuals worth over $30 million expected to rise sharply in the coming years.
Yatin Shah
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hsbc and ubs boost wealth management in india amid ipo surge
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global banks expand wealth management in india amid rising millionaire class
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