We are bullish on India's growing affluent base: HSBC India's Sandeep Batra
Sandeep Batra, HSBC India's Head of International Wealth and Premier Banking
Recently, HSBC India received Reserve Bank of India nod to open branches in 20 cities, a first in over a decade for any foreign bank in India. With this, the overall tally of the number of branches for HSBC will go up to 46.
For HSBC, India is one for the priority markets and we are looking to leverage the unique growth potential the country has to offer and is committed to presence particularly in premier banking, says HSBC India Head International Wealth and Premier Banking Sandeep Batra to Times of India. In the exclusive interview, Batra discusses the unique international capabilities, unique product proposition, customer centricity and more.
You have recently received approval to roll out new branches in the country, what
does this signify for the bank and its customers?
India is a priority market for HSBC and this milestone reinforces our long-term commitment to the market and our confidence in the wealth opportunity in the country. With this expansion, we aim to deepen our connection with customers, offering them seamless access to international financial solutions. These new branches will serve as additional touchpoints for affluent, high net worth and ultra-high net worth clients, meeting both their domestic and international wealth and banking needs.
This aligns with our strategy to cater to the evolving needs of the International Indian, who seeks a trusted banking partner to meet their global aspirations.
How is HSBC different than your peers, especially in a competitive market like
India?
HSBC's differentiation lies in our global expertise and local insights. Our focus is on the affluent segment, where we see significant opportunities to stand out with a unique value proposition that often our competition cannot match. We provide unparalleled international access, catering to aspirations like overseas education, investing in holiday homes overseas, and exploring career opportunities in other countries.
They require seamless, multi-geographic banking services, and we are uniquely positioned to deliver this through our premier banking offering. This coupled with our 170-year heritage in India and a strong balance sheet, positions HSBC as a trusted partner for India's rising affluent population.
Could you tell us more about your international offerings? Also how does HSBC's
presence in
GIFT City
enhance the wealth propositions?
We have significant strength in our international offering. From account opening via a digital and frictionless journey before students arrive in their destination to single view of all HSBC accounts across the globe in one place, from competitively priced payments via Global Money Transfers to portability of their existing HSBC credit history to apply for a HSBC credit card in the new country, we offer an array of products.
We constantly look for opportunities to serve our customers needs. For instance, in a recent study, we found 78% of India respondents either aspire to send their child overseas for study, or already have a child studying overseas. To cater to their needs, we launched Global Education Payments enabling Indian students and customers of the bank to pay fees directly to 600+ international universities and colleges.
At GIFT City, HSBC has recently expanded operations enabling clients to avail of global offerings across foreign currency banking accounts, dollar-based fixed deposits, dollar-denominated investment products, among others.
HSBC credit cards have gained significant interest in the market. How are you
differentiating the product basket and what kind of growth have you seen in the
last one year?
In 2024, we revamped the credit card portfolio to complement the lifestyles of our customers, by introducing HSBC Prive Credit Card, HSBC Taj Credit Card and HSBC Live+ credit card, along with an enhanced HSBC Premier Credit card. Our research showed our customers are looking for experiences such as hotel stay, airlines, concerts and more. We are offering significant benefits and discounts for the card holders, including early access to exclusive experiences.
We are seeing a lot of interest from the market, spends on HSBC credit cards grew by 33% y-o-y in 2024, significantly outpacing industry growth of 17%. We also recently launched our rewards platform, the HSBC Rewards Marketplace, featuring 20,000 offerings, real-time redemptions and partnerships with 15 leading airlines and five global hotel chains as transfer partners, to further elevate the rewards experience for our customers.
You launched your Global Private Banking in 2023. Could you share the trends
you are seeing in the HNI and UHNI segment?
Our Global Private banking clients are internationally minded with an investment surplus of US$2 million and above. While core portfolio staples like mutual funds, bonds, Portfolio Management Services (PMS) continue to remain popular, Alternatives have emerged as a preferred asset class over last 5 years and sophisticated investors are actively considering large portion of their fresh investments in alternates.
Private equity (mid-stage, pre-IPO), private credit and real estate are preferred. Clients today are looking for a partner that brings a holistic approach to wealth and multi-generational planning, and the ability to offerbusiness banking, credit and financing. With a strong international outlook, they value international banking services and seamless access to global wealth hubs – areas where HSBC's global presence and expertise provide a distinct edge.
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