India's IPO boom has spawned a wave of millionaires HSBC and UBS plan to expand their wealth management business in India

According to the Financial Times, HSBC and UBS are expanding their wealth management business in India to compete with local competitors. Previously, India’s listing boom had spawned a new class of millionaires. The Swiss bank is looking to acquire a stake in 360 One, one of India’s largest wealth managers, while HSBC announced in January that it would nearly double its branches in India, with a focus on “cities identified as growing wealth pools,” according to two people familiar with the matter. A record IPO in 2024 has created a new wave of wealthy Indians, prompting big banks to start offering customized services to cater to wealthy families outside the big cities.