The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Private banking: Ways to win with India’s wealthy

India has been a tough market for global wealth managers, ground down by rising costs and regulation. But private wealth is growing fast, offering long-term profit for those with patience and persistence.

PB 2016 logo-196w

Results Index

Running a successful private banking outfit in India can be a frustrating and expensive experience. Even the strongest bank can find itself stymied by rising costs, complex regulations and a fractured and dispersed customer base. 

In recent years, many global private banks have scaled back their business or quit the country altogether. EFG International, Morgan Stanley and UBS closed their local operations in 2014. Merrill Lynch Wealth Management and HSBC followed suit in 2015, along with RBS. 

It might seem a curious time to walk away. India is one of just a handful of emerging markets where growth is accelerating, rather than falling. 

In its latest World Economic Outlook, published in January, the IMF projects gross domestic product to expand by 7.3% this year and by 7.5% in 2017, justifying its depiction by IMF managing director Christine Lagarde as a rare “bright spot” in the global economy. 

Jaideep Hansraj,
Kotak Mahindra Bank

Personal prosperity is also rising with growth. According to Karvy Private Wealth, the number of high-net-worth individuals in India – defined as anyone with more than $1 million in investable financial assets excluding real estate – jumped 27% in 2015 to 198,000.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree