UBS Group senior private banking executive Gautam Anand has now joined HSBC Holdings. Earlier, Gautam Anand was leading a team in UBS Group, in which he provides services to rich Indians living abroad.
Bloomberg has seen an internal memo, according to which Gautam Anand has been appointed Global Coordinator for Global India, Middle East, North Africa and Europe at HSBC Holdings with effect from December 1.
Aim to become Asia’s leading wealth manager
Tommy Leung, Head of Private Banking, South Asia, said in the memo that our strategy is to become Asia’s leading wealth manager, as part of this ambition to develop Singapore as an international wealth hub. want. Leung said Anand’s appointment will help the bank’s ability to serve customers in all markets.
A spokesperson of HSBC in Hong Kong has confirmed what was said in this memo.
According to Monetary Authority of Singapore records, Anand joined UBS in January and left the company in late August amid disruptions caused by UBS’s acquisition of Credit Suisse. Prior to UBS, he was heading a team for non-resident Indians at Credit Suisse for nearly a decade.
Interest of global companies increased in India
India has attracted global and regional companies, including HSBC and UBS, who want to expand their financial services for the wealthy given its rapid economic growth. According to Bloomberg Intelligence analyst Sarah Jane Mahmood, the country’s growing wealth management industry could reach $5.5 trillion by 2025.
