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G. Naga Sridhar

Hyderabad, July 2 HSBC Private Banking will be expanding its operations to five new cities this year, according to Mr Ramnath Krishnan, Managing Director and Head, HSBC India Private Banking.

“India is only second to Singapore in growth of private banking and we see potential beyond metros and big cities with increasing wealth creation and changing demographic profile,” Mr Krishnan told Business Line.

The private banking operations would be expanded to Kochi, Coimbatore, Ahmedabad, Jaipur and Ludhiana in the current year, he added. At present, HSBC is operating private banking centres at New Delhi, Mumbai, Chennai, Kolkata, Bangalore and Pune.

The focus of the bank is on people with disposable income of Rs 4 crore and above. “While the conventional wealth management caters to the lower-end of high income groups for private banking, our focus is on clients in the High Net worth Individuals (HNIs) bracket,” he said.

As part of its efforts to provide credible information, advice and efficient delivery platform, the bank has recently strengthened its 70-member strong research group that constantly monitors over 110 leading stocks in different sectors. “Our biggest hook is our brand. Ours is the third largest private bank globally,” Mr Krishnan said.

On the volatility of equity markets in India, he said it would continue for considerable time. “All the drivers of volatility such as inflation, global oil prices, growth in non-oil imports, pressure on the rupee and the ripple effect of the US economic slowdown are strong now. The market volatility will come down when these factors turn normal,” he opined.

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