HSBC HOLDINGS $HSBA (+0,01 %) and UBS $UBSG (-0,81 %) are expanding their wealth management businesses in India, driven by an IPO boom that has created a new group of millionaires in the country, reports the Financial Times.
UBS is reportedly looking at acquiring Indian wealth management firm 360 ONE, while HSBC announced in January that it plans to double the number of its branches in India.