INSUBCONTINENT EXCLUSIVE:
HDFC as well as externally, according to Rakesh K Singh, group head for investment, private wealth and international banking and digital
The bank has been expanding its wealth team by 10 per cent to 20 per cent annually for the past few years, he said, but declined to comment
about 100 cities and towns, including often-overlooked markets like Jorhat in Assam and Salem in Tamil Nadu
However, further expansion may be curtailed not only because smaller towns lack enough high-net worth individuals but also because they
Singh said of smaller locations which might otherwise hold some wealthy customers
pace, with the number of individuals with $30 million of assets expected to grow by 50 per cent between 2023 and 2028, according to a Knight
Along with a growing acceptance of professional wealth management, the growth is pushing banks like HSBC Holdings Plc and Barclays Plc to
spend more resources capturing market share, making for a competitive hiring market.
The compensation being offered to relationship
managers is a concern, Singh said, saying some were being offered salary hikes of more than 40% to 50% to switch employers
