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HSBC India, in collaboration with Mastercard, has launched an invitation-only premium credit card for its private banking clients. The card will offer elevated travel, exclusive access, and exceptional lifestyle experiences.
The bank has unveiled its first premium credit card, HSBC Privé, designed with privileges exclusively curated for its private banking clients. The global private banking business in India serves high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI) who are professionals, entrepreneurs, and their families with investable assets worth over $2 million.
Commenting on the launch, Sandeep Batra, head, wealth and personal banking, HSBC India, said, “For our global private banking clients who lead dynamic lives with a spirit of ambition and entrepreneurship, we offer a distinctive wealth management approach. Our clients choose us not only because of our deep understanding of their needs but also our capabilities to provide them with bespoke services beyond private banking. We are excited to welcome our clients to HSBC Privé and the unparalleled experiences and opportunities that it has to offer in line with their aspirations and lifestyle needs.”
Credit card spending by the UHNWI and HNWI segment, represented by World and World Elite Mastercard cardholders in India, increased by 87 per cent year-on-year (Y-o-Y) in 2023. Overseas spending on experiences and travel categories grew by 69 per cent and 56 per cent, respectively, over the same period, indicating strong and growing interest in these categories among HNWI and UHNWI cardholders.
Gautam Aggarwal, division president, South Asia at Mastercard, said, “Mastercard is a leader in delivering unmatched value propositions across consumer segments globally. India today is among the fastest-growing countries in terms of the number of ultra-high-net-worth individuals. At the cusp of such a tectonic shift in the economic composition of the country, this association will enable Mastercard and HSBC to elevate extraordinary experiences for the latter’s global private banking clients. Integrating personalised services and priceless propositions with security that inspires confidence, HSBC Privé will set a new benchmark in the UHNWI and HNWI segment.”
HSBC Privé offers its cardholders an elevated travel experience with a companion first or business class airline ticket with leading airlines, access to premium airport lounges worldwide, travel insurance, visa services at your doorstep, and zero forex mark-up on all international spends.
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It also provides exclusive access to private clubs, members-only lounges, and workspaces at more than 150 locations across Asia, Australia, Europe, and the United States; access to Michelin-starred restaurants; and bespoke experiences such as travel to Antarctica by private jet. Cardholders also receive complimentary golf access in Asia-Pacific, offers on wellness programmes, and sessions with celebrity trainers.
The card further provides benefits with premium hospitality groups, accelerated upgrades to the highest tiers, exclusive shopping privileges, and more.
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