Latest news with #SandeepBatra
Time of India
6 days ago
- Business
- Time of India
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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
21-05-2025
- Business
- Economic Times
Only small percentage of Indian heirs feel obligated to carry on with family businesses: Survey
A recent survey by HSBC reveals interesting trends among wealthy Indian business families. While most entrepreneurs intend to pass their businesses down, only a small percentage of the next generation feels obligated to take over. The survey highlights a growing openness to explore opportunities outside the family enterprise. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Amid widespread concerns about reluctance among the scions to carry forward the family business, a survey of the rich on Tuesday revealed that only small percentage of respondents "feel obligated" to take on the family business. The survey of approximately 200 high net-worth business owners with at least USD 2 million of investable assets found that almost four-fifths of Indian entrepreneurs still plan to pass their businesses to family members."Only 7 per cent of Indian respondents felt obligated to take on the family business when the business was passed on, reflecting a growing openness to exploring opportunities outside the family enterprise," the findings of the survey conducted by foreign lender HSBC are strong feelings of encouragement within multi-generational families, as 83 per cent of respondents said they felt empowered to pursue other interests when they first took over the business."While there is trust in the next generation to uphold the values and culture of the family business, there is also a need for open communication and robust succession planning," HSBC India's head for international wealth and premier banking, Sandeep Batra, report findings come within three months of veteran banker Uday Kotak panning the next generation at family businesses for lacking animal spirits and pointing out that fewer kids are keen on building and operating HSBC report also said that 88 per cent of Indian entrepreneurs trust the next generation's ability to manage family wealth, and also said that 45 per cent of the surveyed entrepreneurs do not expect their children to take over the family survey said family-owned businesses in India contribute approximately 79 per cent of the country's GDP, making it one of the highest ratios globally.
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Business Standard
20-05-2025
- Business
- Business Standard
Indian family businesses trust heirs but succession trends are shifting
A new report by HSBC Global Private Banking reveals that while Indian family business owners overwhelmingly trust their heirs to manage wealth and business operations, there's a shift in how the next generation views succession. The report, Family-owned businesses in Asia: Harmony through succession planning, highlights a growing move away from traditional expectations and toward more flexible, values-driven approaches to inheritance and business continuity. Trust is high, obligation is low 88 per cent of Indian entrepreneurs trust the next generation to manage family wealth Only 7 per cent of Indian heirs feel obligated to join the family business 45 per cent of business owners do not expect their children to take over 79 per cent still intend to pass the business on to family — comparable to the UK (77 per cent) and Switzerland (76 per cent) These numbers point to a balancing act between legacy and modern individualism. Changing mindsets, urban influences The report finds that second- and third-generation business leaders, especially those with urban and global exposure, feel more empowered to chart independent paths. 83 per cent of Indian heirs said they feel free to pursue careers outside the family enterprise 95 per cent feel supported by the older generation — much higher than the global average of 81 per cent India's $1.5 trillion wealth transfer ahead India is on the cusp of a massive wealth transition. According to Hurun, nearly 70 per cent of India's 334 billionaires are preparing to pass on approximately $1.5 trillion in wealth — more than a third of India's GDP. This makes succession planning a top priority. 'India's family-owned businesses are balancing legacy preservation with modernity… By integrating sound financial advice, families can safeguard their legacy and plan for sustainable growth,' said Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India. India leads Asia in family-led succession planning The HSBC report finds wide regional contrasts in Asia: 79 per cent of Indian entrepreneurs plan to pass the business to family Only 56 per cent in China and 44 per cent in Hong Kong say the same In contrast to just 7 per cent in India, nearly 60 per cent of heirs in China feel obligated to join the family business In many East Asian markets, more owners are considering selling their businesses outright — a sign of differing cultural and market pressures. While Asia is still behind global peers in succession planning, there is a growing recognition of its importance. As Indian businesses look to the future, they are embracing both tradition and change — and placing strong trust in the next generation.
Time of India
20-05-2025
- Business
- Time of India
Only small percentage of Indian heirs feel obligated to carry on with family businesses: Survey
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Amid widespread concerns about reluctance among the scions to carry forward the family business, a survey of the rich on Tuesday revealed that only small percentage of respondents "feel obligated" to take on the family business. The survey of approximately 200 high net-worth business owners with at least USD 2 million of investable assets found that almost four-fifths of Indian entrepreneurs still plan to pass their businesses to family members."Only 7 per cent of Indian respondents felt obligated to take on the family business when the business was passed on, reflecting a growing openness to exploring opportunities outside the family enterprise," the findings of the survey conducted by foreign lender HSBC are strong feelings of encouragement within multi-generational families, as 83 per cent of respondents said they felt empowered to pursue other interests when they first took over the business."While there is trust in the next generation to uphold the values and culture of the family business, there is also a need for open communication and robust succession planning," HSBC India's head for international wealth and premier banking, Sandeep Batra, report findings come within three months of veteran banker Uday Kotak panning the next generation at family businesses for lacking animal spirits and pointing out that fewer kids are keen on building and operating HSBC report also said that 88 per cent of Indian entrepreneurs trust the next generation's ability to manage family wealth, and also said that 45 per cent of the surveyed entrepreneurs do not expect their children to take over the family survey said family-owned businesses in India contribute approximately 79 per cent of the country's GDP, making it one of the highest ratios globally.
Hans India
20-05-2025
- Business
- Hans India
Only 7 pc of Indian heirs feel obligated to join family businesses: HSBC study
New Delhi: Despite most Indian business owners expressing strong trust in their children's ability to manage family wealth, only 7 per cent of Indian heirs feel obligated to take over the family business, a new report said on Tuesday. According to HSBC Global Private Banking's new report, 88 per cent of Indian entrepreneurs have confidence in the next generation's ability to handle family wealth. However, 45 per cent of them do not expect their children to take over the family business -- showing a growing openness to alternative career paths. Sandeep Batra, Head of International Wealth and Premier Banking at HSBC India, said that family businesses in India are managing to balance tradition with change. 'There is trust in the next generation to uphold the values of the family business, but at the same time, open communication and structured succession planning are crucial,' he noted. Family-owned businesses play a major role in India's economy, contributing around 79 per cent to the country's GDP -- one of the highest percentages in the world. The study found that most heirs, especially in multi-generational families, feel encouraged to pursue their own interests. In fact, 83 per cent of respondents said they felt empowered to explore new opportunities when they first took over the business. Still, the desire to keep businesses within the family remains strong. About 79 per cent of Indian entrepreneurs said they plan to pass on their business to family members. This is in line with global numbers, such as 77 per cent in the UK and 76 per cent in Switzerland. Indian second- and third-generation entrepreneurs also feel highly trusted by their elders, with 95 per cent saying they felt their predecessors had faith in them -- much higher than the global average of 81 per cent. India is also heading towards a massive intergenerational wealth transfer. According to Hurun data, 2024 saw India having 334 billionaires in US dollar terms, and nearly 70 per cent of them are expected to pass on wealth worth $1.5 trillion -- over a third of India's GDP. The report also noted that many of India's long-standing family businesses were founded after the country's economic liberalisation in the 1990s. The new generation, often educated abroad and raised in urban environments, brings fresh perspectives and is more willing to take independent paths, the report said.
