The Chronology
Every Move, In Order
The full record of competitive, people, and regulatory moves shaping the global Indian wealth market — each one dated and linked to its source.
2026
Global India desk build-out: Vivek Pandohi (Middle East) and Harjeet Singh (Singapore)
Pandohi, previously responsible for the bank's UAE Global India & Expat business, takes charge of the Global India franchise in the Middle East with a mandate to broaden coverage across the GCC. Singh joins from Bank of Singapore after nine years — most recently managing director and market head for the Global South Asia business — to run one of the bank's Global India desks in Singapore.
Global South Asia market head Harjeet Singh leaves for HSBC
Singh joined HSBC Private Bank as senior desk head for Global India in Singapore after nine years at Bank of Singapore, most recently 'managing director and market head for the Global South Asia business'. His exit, days after Khanna's, stripped Bank of Singapore of a second senior Global South Asia leader in the same fortnight.
Ex-Bank of Singapore DIFC chief Ranjit Khanna becomes CEO of EFG's Dubai Advisory Office
Khanna, a Singaporean national with 'more than 30 years of international private banking experience', was previously 'DIFC Chief Executive at Bank of Singapore', where he headed 'the private banking business serving clients across the Middle East, Europe and Global South Asia'. EFG's Dubai office, opened in 2019, has more than 60 professionals; Dubai is described as 'one of the group's key strategic growth hubs for its longer-term expansion in the Middle East'.
DIFC chief Ranjit Khanna leaves for EFG's Dubai Advisory Office
Khanna, Bank of Singapore's 'DIFC Chief Executive, where he also headed the private banking business serving clients across the Middle East, Europe and Global South Asia', with more than 30 years of international private banking experience, was named CEO of EFG International's Dubai Advisory Office effective 26 August 2026 — the loss of the franchise's Middle East / Global South Asia leader.
Opens Thiruvananthapuram branch targeting Kerala's NRI wealth — 7th of 20 new branches
The Kerala branch extends wealth services 'for affluent, high net worth, ultra-high net worth and non-resident Indians'; HSBC has now opened branches in Amritsar, Indore, Vadodara, Lucknow, Nagpur and Surat under the January 2025 approval, taking the network to 33 branches across 21 cities, with 13 more cities planned.
LGT Wealth India appoints Harsh Agarwal as CIO, Equities
LGT Wealth India named Harsh Agarwal Chief Investment Officer, Equities — continued investment in the onshore investment engine that drove the franchise's growth.
To launch Signature CIO Funds ($5bn+ AUM franchise) from GIFT City
SC announced it will begin offering wealth solutions from GIFT City, starting with its Signature CIO Funds — which have attracted more than $5 billion in AUM across 12 markets since their 2022 launch — for eligible clients. Samir Subberwal (Global Head, Wealth Solutions): 'growing demand from affluent clients for internationally diversified portfolios'.
IFSCA in-principle approval to offer wealth products from GIFT City
SC received in-principle approval from the International Financial Services Centres Authority to offer wealth management products from GIFT City, expecting to roll out retail wealth offerings 'over the next few months'. P D Singh (CEO, India and South Asia): the approval 'enables us to bring Standard Chartered's global wealth management capabilities' to the hub.
Singapore confirms over 2,000 tax-incentivised single family offices
MAS confirmed — via a written parliamentary reply from Deputy Prime Minister and MAS Chairman Gan Kim Yong — that more than 2,000 single family offices received tax incentives in Singapore as of end-December 2025. The scale underscores the Asian hub's contest with Dubai for pooled global-Indian family capital, even after the July 2023 tightening of the s13O/s13U schemes.
HSBC emerges as the largest FCNR(B) mobiliser of any lender in India: +$6.14bn in eight weeks
Government bank-wise data showed HSBC's outstanding FCNR(B) deposits rose from $120.26 million (5 June) to $6.26 billion (30 July) — more than SBI (+~$4.12bn) or ICICI Bank (+~$3.70bn) — while system-wide FCNR(B) deposits rose from $32.56 billion to $60.55 billion.
UBS sale reported completed; Yatin Shah puts 360 ONE at ~10% of India's UHNW market
By August 2026 reporting described the UBS India wealth sale as done — UBS having taken warrants for a 4.95% stake (20.5 million warrants at ₹1,030 each) — with co-founder Yatin Shah saying the firm holds nearly 10% of India's UHNW market and targets 12-13% over four to five years, prioritising client retention, net new clients and relationship-manager productivity.
Private Banker International (via Yahoo Finance), 3 Aug 2026
GIFT City subsidiary secures a retail fund-management licence — the IFSC becomes the onshore-offshore hub
360 ONE Global Asset Management (IFSC) Limited received its final Certificate of Registration as a Registered Fund Management Entity (Retail) from IFSCA, letting it launch and operate onshore-offshore funds at GIFT City for retail investors with a minimum net worth of USD 1 million. The move gives 360 ONE a domestic-territory route to book dollar-denominated global-Indian money without Singapore or Mauritius wrappers.
The catalyst: Bloomberg-sourced coverage — Barclays targets India's 'wealthiest 1%'
Syndicated Bloomberg reporting (28 Aug 2026) says Barclays wants to expand its private banking business by targeting the wealthiest 1% of India, aiming for double-digit growth and using its network across London, Dubai, Singapore and Europe. Annabelle Bryde: 'I want to see more investments, growth across all the categories we work in, and increased penetration with India's top promoters.' Adrish Ghosh: 'There are a lot of liquidity events, including IPOs and M&A activity, across businesses. And that trend is going to continue.' Earlier in August, trade press (Moneycontrol headline; EquityPandit, 13 Aug, without named attribution) had reported a ~25% annual India growth target.
Outlook Business (Bloomberg-sourced), 28 Aug 2026 · Adgully (Bloomberg-sourced), 28 Aug 2026 · EquityPandit, 13 Aug 2026 (no named attribution — treat as reported target only)
Julius Baer–EY 'Indian Family Office Playbook' published — thought-leadership anchor for the India franchise
The report ('Indian Family Office Playbook: Now, Next and Beyond', released 20 August 2026) estimates Indian family office assets at INR 70,000 crore in 2024, projected to grow 1.5x over three years, with 19,000+ UHNIs expected to exceed 25,000 by 2031 and US$1.3–1.5 trillion of intergenerational wealth transfer over the coming decade. Sumaya is styled 'Ad Interim Country Head - India & Market Head - Global NRI, Julius Baer'.
Julius Baer veteran Ankit Swaika to Bank of Singapore as team head, global South Asia (effective 2 Nov 2026)
Asian Private Banker (24 August 2026, headline calling Swaika a 'Julius Baer veteran'): 'Effective 2 November 2026 and based in Singapore, Ankit Swaika has been appointed as team head, global South Asia', reporting to Bank of Singapore market head Zubin Dabu — part of a pattern of JB NRI-facing talent moving to rivals in 2025–26.
PWM Singapore names 'non-resident Indian clients' as a served segment; Dubai does not
Goldman's official Private Wealth Management Singapore page (fetched Aug 2026) states the office serves clients across Southeast Asia, Australia and New Zealand 'as well as managing offshore wealth for Chinese and non-resident Indian clients', with Jean Paul Churchouse as Region Head for PWM Southeast Asia and Australia. By contrast, the PWM Dubai page describes serving 'families, entrepreneurs, and institutions across the Gulf region' and 'ultra high net worth clients' with no mention of Indian, NRI or South Asian clients — locating Goldman's public NRI language in Singapore, not the Gulf.
Goldman Sachs PWM — Singapore location page · Goldman Sachs PWM — Dubai location page
Current Asia model: UHNW 'domiciled in Asia outside Japan' — no named NRI segment
Morgan Stanley's Private Wealth Management Asia page (fetched Aug 2026) states that Morgan Stanley Bank Asia Limited (MSBAL) is 'a licensed bank domiciled in Hong Kong with operations in Hong Kong, Mainland China and Singapore', serving 'ultra high net worth (UHNW) individuals, families, entrepreneurs and corporate institutions domiciled in Asia outside Japan', and operating 'through MSBAL and Morgan Stanley & Co. International plc (MSIP), based in London'. Singapore-domiciled NRIs fall inside this perimeter, but the page names no India, NRI or South Asian client segment or desk — confirming the absence of dedicated diaspora coverage.
Asia franchise is Greater China and North Asia — India and NRI coverage absent
Pictet's Asia page (fetched Aug 2026) describes its Hong Kong office (established 1986) as providing Swiss wealth management 'tailored to the needs of families and individuals in Greater China and North Asia', serving private clients, UHNW families and institutional investors. Its named Asian offices are Tokyo (1981), Hong Kong (1986), Singapore (1995), Taipei (2011), Osaka (2011) and Shanghai (2020) — no India location — and the page names no NRI, Indian-diaspora, Global-Indian or South-Asia segment or desk. India is absent from both the office network and the client targeting.
Stays onshore: 11 Indian cities, no international office
As of 2026 Client Associates operates from eleven offices across Indian cities only, with no international office listed — the deliberate counterpoint to peers (Nuvama, ASK, 360 ONE) planting DIFC and Singapore flags. It advises on roughly US$6.1bn for 1,400+ client relationships with 250+ team members (see scale), and its India-facing 'Investination India' proposition is about inbound investing into India rather than an offshore diaspora build.
GIFT City office and 'Global Indians' segment live
Waterfield's global-services page lists a GIFT City office (Pragya Accelerator, GIFT City, Gandhinagar) and a 'Global Indians' segment — 'Strategic investment advisory for global Indian families to invest in the Indian markets' with a minimum investable-assets threshold above INR 5 crore — and markets to NRIs via an Emirates in-flight advertisement.
Bench rebuild under Zubin Dabu: Ankit Swaika (ex-Julius Baer) plus hires from HSBC, JB and UBS
Bank of Singapore appointed Ankit Swaika (based in Singapore, at Julius Baer since the start of 2017) as team head, Global South Asia, reporting to Zubin Dabu; multiple reports give his effective date as 2 November 2026. Its wider 2025-26 Global South Asia build, per The Asset, also brought in Yatish Aron (team head, 12 October 2026), Priyanka Maheshwari (from HSBC Private Bank), Dinesh Chaudhary (from Julius Baer) and Mitika Patel (from UBS) — importing rivals' NRI talent as fast as its own is poached.
WealthBriefingAsia, 25 Aug 2026 · The Asset, 24 Aug 2026 (bench roster read via search summary this session; direct fetch returned 403)
Chooses Monad blockchain; Q3-2026 roadmap into savings + investing
Abound partnered with the Monad blockchain to power its next phase. Nishkaam Mehta said Abound has moved $500M since launch. Its stated Q3-2026 roadmap adds a multi-currency wallet with instant US-India transfers, interest-bearing savings and investment accounts, and AI-agent workflows using the x402 agentic payment protocol.
Full GIFT City NRI product suite live: USD FDs, direct MFs, GIFT Nifty futures
Belong's own site shows a live product suite for NRIs: USD Fixed Deposits, direct GIFT City mutual funds (from USD 500 minimum), GIFT Nifty Futures (marketed as zero STT/GST and zero capital gains tax), Alternative Investment Funds and NRI tax filing, under PSP licence IFSC/PSP/2025-26/003 and broker licence CMI2025BDK0829.
Full-stack platform live: investing + tax + documentation
iNRI's platform spans 1,000+ mutual funds, GIFT City funds, PMS and alternative funds, plus India and US tax filing and documentation (PAN, OCI, NRE/NRO), with remittance marked coming soon and an AI assistant named Reva. It is a SEC-registered investment adviser, IRS-authorized e-filer and AMFI-registered mutual fund distributor.
Launches 'Global Indian', a dedicated pure-play NRI wealth platform
Lighthouse Canton launched Global Indian, a dedicated wealth-management platform serving non-resident Indians and overseas investors whose financial affairs span multiple jurisdictions. It integrates the firm's regulated entities in India and GIFT City with its international platform across Singapore, Dubai and the United Kingdom, supported by its proprietary Keenai technology. The launch cited an Indian diaspora of roughly 35 million (the world's largest), record FY2024-25 remittances to India of USD 135 billion, and NRI deposits exceeding USD 164 billion as of March 2025. Group CEO Shilpi Chowdhary: 'India's diaspora represents one of the most significant and consistently underserved wealth management opportunities'; MD & CEO–India Sumegh Bhatia noted 'NRI families frequently hold substantial wealth that is diminished in practice by fragmentation'.
Nikhil Jha leaves to become Barclays' MD & Head of NRI in Singapore
Jha, a Bank of Singapore team head 'managing international client portfolios', joined Barclays Private Bank as MD & Head of NRI, Singapore, with more than 20 years of private-banking experience (earlier Deutsche Bank and Kotak Mahindra Bank). Barclays' internal memo: 'Nikhil will lead the continued buildout of our NRI franchise.'
NRI business formalised: 'GWM APAC India International' sector created, Baechli named head GWM NRI and global NRI coordinator
In the APAC reshuffle effective 1 July 2026, Vineet Mehta became deputy business sector head of GWM APAC India International with a functional line to Baechli; Conrad Huber — previously the global NRI lead — moved to business sector head GWM Philippines. The clearest public evidence of a dedicated, formalised global-Indian offshore unit.
Nikhil Jha named MD & Head of NRI, Singapore — a dedicated NRI franchise leader
Jha joins from Bank of Singapore (team head managing international client portfolios), with 20+ years in private banking including Deutsche Bank and Kotak Mahindra Bank. He reports to Alex Harrison and joins the PB Singapore management committee. Internal memo: 'Nikhil will lead the continued buildout of our NRI franchise as we continue to grow our Private Bank in Asia-Pacific.'
Record H1 2026: AUM CHF 196.3bn (+21%), tops CHF 200bn after Quilvest closes
H1 2026 net profit rose 5% to CHF 184.6m on net new assets of CHF 5.7bn (6.2% annualised). AUM reached CHF 196.3bn at end-June 2026, a 21% year-on-year increase, and passed CHF 200bn after the Quilvest Switzerland acquisition completed on 21 July 2026.
NRI banking suite live through RBL — FCNR(B), GIFT City foreign-currency banking
RBL Bank rolled out a comprehensive NRI banking proposition built on Emirates NBD's network — foreign-currency banking at GIFT City, preferential remittance rates, wealth management and digital NRI banking — mobilising about $150 million under the RBI's FCNR(B) window within roughly a month by tapping Emirates NBD's existing non-resident Indian customer base.
Investing.com (RBL Q1 FY27 slides) · Whalesbook (RBL Q1 FY27 coverage)
Sells India retail, affluent PB and wealth to Kotak — keeps NRI UHNW offshore
Kotak Mahindra Bank agreed to acquire DB's India retail banking, affluent private banking and wealth management business (~₹29,000 cr loans, ₹16,000 cr deposits, ₹10,500 cr AUM, ~150,000 customers, ~1,000 employees; ~₹281.7 cr / ~$29.8m all-cash price per press reporting), closing by September 2027. The release ties the sale to the Global Hausbank strategy and the Private Bank's 'continued focus on global ultra-high net worth clients (including non-resident Indians) outside of India'.
Kotak buys Deutsche Bank's India retail, affluent private banking and wealth business
Kotak Mahindra Bank agreed to acquire Deutsche Bank's India retail banking, affluent private banking and wealth management business — ~₹29,000 crore of loans, ₹16,000 crore of deposits, ₹10,500 crore of AUM, ~150,000 customers and ~1,000 employees — for about ₹281.7 crore all-cash on a slump-sale basis, expected to close by September 2027. CEO Ashok Vaswani framed it as a fit with Kotak's affluent and SME focus; the deal consolidates onshore India wealth that Deutsche is exiting to concentrate on NRI UHNW clients offshore.
Completes RBL acquisition with ~$2.75bn infusion — largest FDI in an Indian bank
Following a preferential share issuance (92,91,34,820 shares at Rs 280 per share on 18 June 2026) and a mandatory open offer, Emirates NBD completed its acquisition of 60% of RBL Bank's expanded share capital via a ~$2.75 billion primary capital infusion — the largest foreign direct investment in an Indian bank. The infusion lifted RBL's capital adequacy ratio to 33.3% from 14.2% in the prior quarter.
RBI's concessional FCNR(B) swap facility opens — HSBC joins the deposit race
The RBI announced the FCNR(B) swap facility on 5 June 2026 and it became operational from 8 June, allowing banks to raise foreign currency deposits from NRIs at concessional swap rates. HSBC's outstanding FCNR(B) deposits stood at just $120.26 million on 5 June.
RBI's concessional FCNR(B) swap window pulls in more than $50bn of NRI dollars
The RBI announced a special US dollar-rupee swap facility on 5 June 2026, operational from 8 June, letting banks raise FCNR(B) deposits from NRIs and swap the dollars with the RBI at a concessional rate to boost inflows and support the rupee. Banks mobilised $52.30 billion in FCNR(B) deposits between 8 June and 13 August ($56.846 billion across the facility's three components); system-wide outstanding FCNR(B) deposits rose from $32.56 billion (5 June) to $60.55 billion (30 July). The RBI then decided to close the facility prematurely on 31 August 2026. The surge forced every offshore private bank to compete against Indian banks for the same NRI deposits.
Sandesh Assao leaves for RBC's new Global South Asia team in Singapore
RBC Wealth Management stood up a dedicated Global South Asia team in Singapore, appointing Sandesh Assao as executive director, senior relationship manager. Assao 'has over 20 years of industry experience, having previously worked at Bank of Singapore, Nomura and EFG International'. Alongside him RBC hired Abhijit Shetty (MD & team head) and Sudarshan V Athreya.
Establishes a Global South Asia team in Singapore with a three-banker NRI hire
RBC Wealth Management welcomed Abhijit Shetty as Managing Director and Team Head (23 years across Citibank, Standard Chartered, DBS and ANZ, focused on building wealth-management businesses for non-resident Indian clients), Sudarshan V Athreya as Managing Director and Senior Relationship Manager (ex-ICICI Bank, DBS, BNP Paribas), and Sandesh Assao as Executive Director and Senior Relationship Manager (over 20 years across Bank of Singapore, Nomura and EFG International). All three are based in Singapore and report to Gautam Chadda, Executive Director and Team Head, supporting RBC's growth across the Global South Asia corridor.
Rajeev Garg named Head of Wealth for Citibank UAE, reporting into Asia South
Garg — 26 years of industry experience, more than 18 at Citi, most recently 'Asia South Citigold Business execution lead' — 'will report to Yeo Wenxian, Head of Asia South Wealth, and will also have a reporting line to Citibank UAE CEO Shamsa Al-Falasi.' Al-Falasi: 'Rajeev's appointment underscores our commitment to the country and our focus on delivering a client-centric experience across our wealth franchise.'
Government of India clears the deal; Emirates NBD launches a 26% open offer at ₹282.38
With the Government of India (Ministry of Finance, Department of Financial Services) approval dated 14 May 2026 completing the statutory approvals — which permitted acquiring more than 49% and up to 74% of RBL's paid-up equity — Emirates NBD moved to a mandatory open offer for up to 415,586,443 shares (26.00% of RBL's expanded voting share capital) at ₹282.38 per share (₹280 plus ₹2.38 interest), alongside the ~₹268.53bn preferential issue of 959,045,636 shares at ₹280 that delivers control.
India CEO Umang Papneja quits; Kunal Sumaya unifies India onshore and Global NRI leadership
Papneja, Chief Executive Director of Julius Baer India since August 2022, quit (announced 5 May 2026, staying until July 2026 for transition). Sumaya — a 17-year JB veteran and Global Head of NRI Coverage since 2022 — became ad interim Country Head India while keeping Global NRI, 'responsible for driving the growth of Julius Baer's India business onshore, as well as across the global Indian client base spanning the Middle East, Asia, Switzerland and the United Kingdom'. He reports to Rahul Malhotra, head of the emerging markets region. Alongside, the bank cited an onshore footprint expanded to more than 13 locations and RM headcount up 30%.
Cafemutual (carrying JB press release) · finews.com · WealthBriefing
Citywire: 'We're growing $30bn India business despite exits' — Malhotra in hiring mode after losing a dozen senior bankers
Citywire's standfirst (26 May 2026): 'Despite losing its onshore CEO and a dozen senior bankers to domestic rivals, Julius Baer's Rahul Malhotra tells Citywire the firm is in hiring mode and leveraging its Global Indian strategy to capture a major surge in NRI assets.' The $30bn figure is exec-self-reported, headline-level (body paywalled); the asset perimeter is not defined in open sources.
Singapore head Evonne Tan exits mid-push, joining Schroders as Asia wealth CEO
Tan — the MD and head of private bank, Singapore who 'led the UK bank's re-entry into the region' — is named Schroders Wealth Management's CEO of Asia Wealth Management, effective 1 July 2026. Singapore country CEO Alexander Harrison takes interim leadership of the private bank there.
Gautam Anand named head of Global India, HSBC Private Bank
At end-April 2026 Anand took over the Global India franchise across India and key international hubs including Dubai, Hong Kong, Singapore and the UK, reporting jointly to Tommy Leung (head of Private Banking, South Asia) and Aladdin Hangari (head of Private Banking, MENAT region).
Global Finance Magazine · Yahoo Finance (Bloomberg), 29 Apr 2026
Hong Kong NRI expansion: trio hired from DBS and Standard Chartered under group head Kapil Kapoor
Rajat Sood and Saurav Shekhar joined from DBS Hong Kong and Anshul Rai from Standard Chartered. Sood — previously 21 years at ICICI Bank — reports to group head Kapil Kapoor, who has a reporting line to market head Kunal Sumaya.
RBI clears Emirates NBD to take up to 74% of RBL — voting rights capped at 26%
In early April 2026, disclosed in an exchange filing, the Reserve Bank of India permitted Emirates NBD to acquire up to a 74% stake in RBL Bank, with voting rights capped at 26% under Indian banking rules; the clearance is valid for one year and conditional on further SEBI clearances. The RBI nod cleared the biggest regulatory hurdle to the largest cross-border deal in Indian finance.
Launches AI Financial Autopilot with NEAR AI
Abound launched an AI 'financial autopilot' built with NEAR AI (using an IronClaw secure-execution system) that monitors exchange rates and executes automatic transfers, automates EMI/school-fee/utility payments and tracks NRE/NRO accounts. Freemium; self-reported 800,000+ NRIs served and $500M+ processed. Market framing: 32 million Indians abroad sending more than $125bn a year.
LGT reports record FY2025: group AUM CHF 386.1bn, 'strongest operating result in LGT's history'
LGT Group's full-year 2025 results showed assets under management of CHF 386.1 billion (up 5%), organic net new assets of CHF 11.4 billion (3.1% growth), and group profit up 25% to CHF 445.6 million — 'the strongest operating result in LGT's history' — on a stable base of 5,891 FTEs.
ICICI Prudential AMC inaugurates DIFC branch for GCC and Africa institutions
ICICI Prudential Asset Management Company inaugurated its DIFC branch in Dubai, positioned to serve sovereign institutions, family offices, private banks, wealth platforms and distribution partners across the GCC and Africa. Present at launch: Nimesh Shah (MD & CEO), Naveen Agarwal (CFO) and Anand Varadarajan (Senior Executive Officer, DIFC Branch), alongside DIFC Authority CEO Arif Amiri; the branch operates within the DIFC and Dubai Financial Services Authority (DFSA) ecosystem.
Adrish Ghosh made permanent Head of Barclays Private Bank India
Permanent after interim since August 2025; reports to Annabelle Bryde. Ghosh joined Barclays in 2008 (previously IL&FS Group), with 25 years in financial services; Pranav Khanna takes over his distribution responsibilities. Bryde: India is 'a strategically important market for Barclays Private Bank'.
India Budget 2026 doubles NRI equity caps and cuts TCS to court diaspora capital
Union Budget 2026 (1 February 2026) raised the individual NRI investment limit in a single listed Indian company from 5% to 10% and aggregate NRI holdings from 10% to 24%, cut TCS on LRS education/medical remittances from 5% to 2%, and opened a six-month window for small taxpayers to regularise undisclosed overseas assets with immunity from penalties. It is India's explicit counter-pull against the offshore drift of diaspora capital.
Tarang Garde appointed Head of Citi Private Bank's NRI desk, Singapore
Citi Private Bank announced 'the appointment of Tarang Garde as Head of the Non-Resident Indian (NRI) desk', 'based in Singapore and effective earlier this year'. Garde 'joins Citi after a long tenure at BNP Paribas Wealth Management'; his 'industry career spans around 30 years, including prior senior positions at major financial institutions such as KPMG, Citigroup, Credit Suisse and Coutts'. He leads 'strategic relationship development, bespoke advisory coverage and support for ultra-high-net-worth individuals in the NRI community.'
Up to 50 emerging-markets relationship managers to be added in 2026
DB said it intends to add up to 50 relationship managers during 2026 within its Private Bank's emerging markets unit, part of a 50% increase in front-office headcount over the next three years, with hiring continuing through 2027 and 2028.
Hyderabad global capability centre opens — ~3,000 hires planned over two years (India as tech spine, not client-facing)
The new GCC supports technology, finance and shared services with an AI focus, alongside existing operations in Pune and Navi Mumbai — UBS's India presence post-onshore-sale is infrastructure, not wealth coverage.
Kotak founder Uday Kotak named Chairman of GIFT City — the offshore-in-India hub the corridor books through
On 13 February 2026 the Government of Gujarat appointed Kotak Mahindra Bank founder Uday Suresh Kotak as Chairman of Gujarat International Finance Tec-City Co. Ltd (GIFT City), succeeding Hasmukh Adhia. The role hands the architect of India's largest private bank the chair of the IFSC that Kotak — and the rival banks racing to book NRI dollars onshore — use as the offshore-in-India gateway. Uday Kotak stepped down as the bank's MD & CEO on 1 September 2023 but remains its founder and a director.
Tribune India (ANI syndication), 13 Feb 2026 (read 2026-08-30)
2025
Mizuho to buy majority of Avendus from KKR for up to ~$516m
Mizuho Financial Group announced it would acquire Indian investment bank Avendus Capital for up to 47 billion rupees (about $516 million), buying more than 60% of the shares from majority holder Redpoint Investments (a KKR affiliate) and co-founder Ranu Vohra. On completion Avendus — which spans institutional equities, wealth management and asset management — becomes a consolidated subsidiary of Mizuho Securities. (Dollar framings vary with FX and stake size, from ~$516m to ~$523m.)
Signs a bilateral DIFC family-wealth agreement — Private Banking to build governance and succession frameworks
Two weeks after being named in DIFC's family-wealth programme, Emirates NBD signed a bilateral strategic agreement with the DIFC Family Wealth Centre (3 December 2025) under which Emirates NBD Private Banking will build tailored frameworks, governance models, tax structuring and succession planning for ultra-high-net-worth families and their businesses, plus educational programmes on family governance and family-office structures. It deepens the Dubai family-office layer that sits above the onshore NRI-deposit machine the bank is building through its RBL stake.
Names ex-Paytm Money CEO Varun Sridhar CEO of wealth & lending business
On 5 December 2025 Aspora appointed Varun Sridhar CEO of its wealth management and lending business. He was previously CEO of Paytm Money and Paytm Services and earlier worked at BNP Paribas, Citibank and Deutsche Bank. Aspora said it operates in the US, UK, UAE, Germany, Italy and Ireland and aims to enter Saudi Arabia, France, Spain, the Netherlands, Canada and Singapore.
2026-2028 strategic plan: ~15% p.a. profit growth on a 50-70-CRO-per-year hiring engine
At its investor day EFG presented a 2026-2028 plan targeting 'double-digit profit growth of around 15% p.a.', average annual net new asset growth of 4-6%, and continued hiring of 50-70 new CROs per annum — the group growth engine behind the GSA/NRI desk build-out.
EFG International media release · TipRanks (date confirmation)
Named partner in DIFC's family-wealth programme
At the DIFC Family Wealth Centre summit, Emirates NBD — alongside Mashreq Bank and Standard Chartered — was named as a bank set to deepen cooperation with the Centre on education, governance and tailored financial solutions for family enterprises. DIFC used the occasion to claim the top 120 families based there manage over USD 1.2 trillion in assets globally.
Named partner in DIFC's family-wealth programme
At the DIFC Family Wealth Centre summit, Mashreq Bank — alongside Standard Chartered and Emirates NBD — was named as a bank set to deepen cooperation with the Centre on education, governance and tailored financial solutions for family enterprises.
Collaboration Services Agreement signed with 360 ONE: cross-border referrals with revenue sharing
The 4 November 2025 agreement operationalises the two-way flow — cross-border client referrals and jointly offered wealth solutions, with a revenue-sharing model tied to client onboarding.
Collaboration Services Agreement with UBS: cross-border referrals with revenue sharing
360 ONE WAM and UBS AG signed a Collaboration Services Agreement to refer clients to each other across borders and jointly offer wealth solutions, including a revenue-sharing model tied to onboarded clients. 360 ONE disclosed the pact as arm's-length and not a related-party transaction, and stated it managed around ₹5.79 lakh crore (~$68 billion) in assets.
Veteran Citi NRI banker Avaneesh Mahodaya leaves for UBS Dubai
Avaneesh Mahodaya joined UBS 'after spending roughly 20 years at Citibank, where he served clients in the global NRI and South Asia segments through the Citigold Private Client platform.' At UBS in Dubai he is 'responsible for strengthening the firm's coverage of ultra-wealthy NRI clients, affluent India-based individuals, and South Asian families across the GCC.'
€300m, 250-banker wealth expansion plan — while India retail divestment begins
Deutsche Bank announced intentions to hire up to 250 bankers for wealth management across Germany, Italy, the UK, the Middle East and Asia, allocating ~€300m ($348m) to talent and technology over three years, most appointments in 2026. The same report noted DB had initiated the divestment of its India retail banking operations, comprising 17 bank branches.
Dubai NRI bench deepened: ex-Citi veteran Avaneesh Mahodaya joins for ultra-wealthy NRI and GCC South Asian coverage
Mahodaya spent roughly 20 years at Citibank serving global NRI and South Asia clients through the Citigold Private Client platform, relocating from Singapore to Dubai for UBS.
Kotak Private — the arm that runs its non-resident franchise — launches India's first luxury index
On 26 November 2025 Kotak Private Banking, led by CEO Oisharya Das, launched the Kotak Private Luxury Index (KPLI) with EY — a price index across 12 categories of luxury products and experiences — which read 122 in 2025, up 22% from its 2022 baseline. The launch is a brand signal from the UHNI/HNI franchise that also books Kotak's established non-resident business, underlining that Kotak anchors its global-Indian relationships through an onshore private bank rather than a poached offshore diaspora desk.
Launches India bill payments (BBPS via Yes Bank, 22,000+ billers)
Aspora connected to the Bharat Bill Payment System via Yes Bank, covering more than 22,000 billers, with mobile recharges via Ding and no fees. Live in the UK first, with the US and UAE planned. Metrics cited: 800,000 customers, $4bn in transactions, $25M saved in transfer fees.
Bikram Sen rejoins as market head, Global South Asia and International — the rebuild begins
Sen returned to Bank of Singapore effective 21 October 2025 as market head for Global South Asia and International, reporting to Zubin Dabu, market group head for Global South Asia and International. He arrived from UBS, where he 'led the successful migration of the Credit Suisse NRI business and built a thriving post-migration franchise'. Ranjit Khanna (then head of private banking Europe and Middle East, and CEO of the DIFC branch): 'We are delighted to welcome Sen back to the Bank of Singapore family.'
Agrees to buy 60% of India's RBL Bank for $3bn — largest cross-border deal in Indian finance
Emirates NBD agreed to acquire a 60% stake in Indian private lender RBL Bank for $3 billion, investing 268.53 billion rupees ($3.05 billion) through a preferential issue of shares — described by Reuters as the largest cross-border acquisition in India's financial sector.
Declares GIFT City IBU operationally ready — foreign-currency loans, trade finance, treasury
Mashreq announced the operational readiness of its GIFT City IBU, which will offer a comprehensive suite of foreign-currency loans, trade finance and treasury solutions, framed as advancing the India–Middle East financial corridor. Group CEO Ahmed Abdelaal called it 'a pivotal step in advancing the India–Middle East corridor'; Tushar Vikram, CEO Mashreq India, said the readiness 'deepens our engagement with India's growing financial ecosystem'.
Baechli effective as Market Head NRI/NRP Middle East, reporting to Zilkens; London adds to the 'global South Asia team'
Michael Baechli (20+ years in Indian/NRI wealth management, 15 years at Julius Baer where he developed its NRI business, then J. Safra Sarasin) succeeded the retiring Promit Ghose in Dubai. The same month, Amit Kachawaha (ex-DBS London) joined UBS London's global South Asia team under desk head Anuj Chhabra.
Hubbis, 6 Oct 2025 · WealthBriefing global moves summary (October 2025), 15 Dec 2025
EFG adds FAB hires Nimkar and Batra to its Singapore Global South Asia desk
Vikram Nimkar appointed Market Head, Global South Asia (GSA), and Shonali Batra Client Relationship Officer, GSA, both based in Singapore. Nimkar (30 years' experience; ex-First Abu Dhabi Bank Head of Private Banking Asia; earlier Westpac, Deutsche Bank, ABN AMRO) reports to GSA Market Group Head Ravi Ramakrishnan; Batra (20+ years; managed UHNW/HNW non-resident Indian clients across Singapore, Dubai and Abu Dhabi at FAB; earlier LGT, ABN AMRO, Standard Chartered) reports to Market Head Hussain Poonawalla.
Lee Lung Nien, Citi Private Bank South Asia chairman since 2020, becomes Citi Country Officer Singapore
Citi announced that Lee Lung Nien — 'Chairman of Citi Private Bank for South Asia since 2020' and a 35-year Citi veteran — would become Citi Country Officer and Banking Head (CCOBH) for Singapore effective October 6, 2025, 'the first Singaporean in 50 years to hold this senior position.' The move ended a five-year standing South Asia private-bank chairmanship.
LGT Wealth India lifts out seven Barclays Private Bank MDs
LGT Wealth India appoints seven senior professionals from Barclays Private Bank (reported 9 Sep 2025; announced late Aug 2025), including an 'expert on global Indian families' (Anirudh Chowdhry) and bankers focused on India-UK and India-Singapore cross-border corridors — a direct raid on the corridors Barclays is building.
LGT Wealth India lifts out seven managing directors from Barclays Private Bank
In one move (announced 29 Aug 2025; reported by WealthBriefing 9 Sep 2025), LGT Wealth India appointed seven senior professionals from Barclays Private Bank. Delhi: Sunit Jain (co-head, client coverage), Anirudh Chowdhry ('an expert on global Indian families'), Harpreet Sawhney (corporate and private banking solutions to large UHNW families), Manisha Saxena ('boost links between India and Singapore'). Mumbai: Rakesh Kripalani (co-head, client coverage), Farzana Irani (private markets and credit), Vishal Khetan ('cross-border client relationships, especially along the India–UK and global corridors'). The raid came days after Barclays abolished its Asia regional-head role and a year before Barclays' public 'wealthiest 1%' India push.
LGT Wealth India company news, 29 Aug 2025 · WealthBriefing, 9 Sep 2025
Asia regional-head role abolished; Nitin Singh exits; India and Singapore report straight to London
Under a market-led reorganisation, Barclays removes the Asia regional-head role and Singh departs. Adrish Ghosh (Head of Distribution, PB India) becomes interim Head of Private Bank India; Evonne Tan continues in Singapore; both report to Annabelle Bryde, Head of Private Bank International. The model was piloted in the Middle East in Q2 2025, where ex-HSBC executive Farzad Billimoria was appointed Head of Private Bank UAE.
Global Private Banker, 26 Aug 2025 · Global Private Banker, 26 Aug 2025
CCI clears the 360 ONE transaction — the sold entities are the inherited Credit Suisse India subsidiaries
India's competition regulator approved 360 ONE's acquisition of Credit Suisse Securities (India)'s PMS, broking and distribution businesses plus a UBS Finance India loan portfolio, and UBS's subscription to warrants for 4.95% of paid-up capital.
CCI clears the UBS transaction — the acquired entities are the inherited Credit Suisse India businesses
India's Competition Commission approved 360 ONE Portfolio Managers acquiring the PMS business of Credit Suisse Securities (India), 360 ONE Distribution Services taking CS Securities' stock-broking and distribution, and 360 ONE Prime acquiring a UBS Finance India loan portfolio, plus UBS AG's subscription to warrants for ~4.95% of 360 ONE WAM's paid-up capital.
Loic Voide named Head of Private Banking Middle East & Africa, based at DIFC
DBS appoints Loic Voide — previously CEO and Chief Country Officer of Deutsche Bank (Switzerland) — as Head of Private Banking for Middle East & Africa, effective 1 August 2025, based at the DIFC branch and reporting to Vikas Jaidka, Region Head (Middle East, Africa, NRI), DBS Private Bank. The release discloses HNW AUM of USD 236.6 billion (April 2025) and a #3 rank in Asian Private Banker's Asia 2024 AUM league table.
First UAE bank to win in-principle IFSCA approval for a GIFT City IBU
Mashreq became the first UAE-based bank to secure in-principle approval from the Indian regulator (IFSCA) to establish an International Financial Services Centre Banking Unit at GIFT City, Gujarat.
$5M seed led by Elevation Capital; UAE-first USD fixed deposits via GIFT City
Belong raised $5M (about INR 42.9 Cr) led by Elevation Capital, with Relentless Ventures and angels including Urban Company cofounders, Zomato's CFO and Mamaearth's CEO. Its launch product is a USD fixed-deposit placed with Indian banks operating in GIFT City, starting with NRIs in the UAE. It holds a payment-services-provider (PSP) licence and a broker-dealer licence via GIFT City, with a roadmap of mutual funds, Indian and US equities, insurance and NRI cards, expanding to the GCC, UK and US.
Henley: UAE the world's top wealth magnet (+9,800); UK to lose a record 16,500 millionaires
Henley & Partners' Private Wealth Migration Report 2025 projected the UAE would attract a record net inflow of +9,800 relocating millionaires (world No. 1), the UK would lose a record –16,500 (the largest net HNWI outflow of any country since tracking began), the US +7,500, and India its lowest net millionaire loss since Covid (–3,500). The report maps the London-to-Gulf migration reshaping Indian-origin wealth.
Baechli reported incoming as Middle East NRI head; NRI team churns (Kaul in from BoS; Khan and Jain out); Abu Dhabi office planned
Market sources had Michael Baechli relocating from Singapore to Dubai to head the Middle East NRI business. At that date the global NRI business was led by Conrad Huber, supported by Singapore-based Vineet Mehta and Bikram Sen.
$50M Series B (Sequoia + Greylock) at $500M valuation; remittances up 6x to $2bn/yr
A $50M Series B co-led by Sequoia and Greylock (with Hummingbird, Quantum Light Ventures and Y Combinator) valued Aspora at $500M and lifted total funding above $99M. Remittance volume had grown 6x from $400M to $2bn in yearly volume, with 80% of users sending money to their own accounts back home.
RBI in-principle approval as Payment Aggregator - Cross Border (exports)
Wise secured in-principle approval from the Reserve Bank of India to operate as a Payment Aggregator - Cross Border for exports, supporting higher transaction limits (up to Rs 25 lakh) for freelancers and businesses receiving cross-border payments in eight currencies. Wise said the licence also opens the door to help Indian businesses send payments abroad in the future.
CEO names India among Remitly's three largest receive markets
Remitly's CEO said its largest receiving countries are Mexico, India and the Philippines. The company operates in 170 countries, originates payments from 30, and completes 93% of transactions in under an hour.
UBS sells India onshore wealth to 360 ONE for Rs 307 crore, takes 4.95% warrant stake, keeps the Global-Indian offshore wallet
The sold business — largely the inherited Credit Suisse India operations, with ~Rs 26,000 crore active AUM — went to 360 ONE; UBS took 2.05 crore warrants at Rs 1,030 apiece (nearly 5%, worth some $220m) and gained the offshore referral leg: 360 ONE clients booked in Singapore move to UBS Singapore. UBS India refocuses on investment banking and equity capital markets.
UBS Media Release, 22 Apr 2025 · Reuters (via Yahoo Finance UK), 22 Apr 2025 · BW Businessworld, 22 Apr 2025
360 ONE buys UBS's India onshore wealth business for ₹307 crore and hands UBS a 4.95% warrant stake
360 ONE WAM agreed to acquire UBS AG's India wealth business — stockbroking, distribution, portfolio management and a residual loan portfolio, with about ₹26,000 crore of active AUM — for ₹307 crore. In return it issued roughly 2.05 crore warrants to UBS at ₹1,030 each (convertible within 18 months) for a 4.95% stake, and agreed that 360 ONE clients booked in Singapore would move to UBS Singapore. UBS thus exits India onshore while becoming a 360 ONE shareholder and offshore referral partner.
Samco (knowledge centre), 22 Apr 2025 · UBS Media Release, 22 Apr 2025
UK's residence-based regime goes live — 4-year FIG replaces the remittance basis
On 6 April 2025 the UK's 4-year Foreign Income and Gains regime replaced the remittance basis. New UK arrivals (non-resident in the prior 10 years) get 100% relief on foreign income and gains for four years, while long-term residents move into worldwide inheritance-tax scope — the operative start of the reform announced in October 2024, and the trigger for a wave of Indian-origin non-dom departures.
Founding CEO Malhotra walks out with a team of ten — weeks before the UBS deal
Vikram Malhotra resigned from 360 ONE Global along with a team of ten, including five bankers plus investment counsellors and assistant relationship managers across Singapore and Dubai — among them Pankaj Nagrath and Arunabh Banerjee, both former Bank of Singapore bankers who had joined at launch. The team's next destination was not disclosed. The exits landed amid reported UBS joint-venture talks.
Hubbis, 3 Apr 2025 (read via search, 2026-08-30) · Bloomberg headline (via X/SanthanamVaidya), 3 Apr 2025
India eases LRS TCS — threshold lifted to ₹10 lakh, education loans exempted
From 1 April 2025, India raised the TCS-free threshold on Liberalised Remittance Scheme remittances and overseas tour packages from ₹7 lakh to ₹10 lakh, and removed TCS on LRS remittances for education financed through an education loan — a partial rollback of the friction introduced in October 2023.
Announces Hyderabad full-stack hub (opening H2 2025)
Wise said Hyderabad would become its newest full-stack hub, opening in the second half of 2025, with plans to hire hundreds of employees. The hub is led by Smrithi Ravi, APAC head of engineering, relocating from Singapore. The company noted that about 10% of money sent from abroad to India uses Wise.
Rs 2,300 crore capital injection into India; total invested capital above Rs 12,400 crore
Head-office infusion of Rs 2,300 crore into the India business — following Rs 3,000 crore in 2021 — taking total invested capital to over Rs 12,400 crore, serving corporates, financial sponsors and 'ultra-high-net-worth individuals and family offices'. Jaideep Khanna (country chief executive, India): 'India's economic potential continues to present attractive opportunities for Barclays to grow its business.'
$14M seed led by NEAR Foundation (Circle Ventures, Times Internet)
Abound raised $14M in its first external round, led by the NEAR Foundation with Circle Ventures and Times Internet, which remains the largest stakeholder. It reported 500,000+ monthly transacting users and over $150M in remittances processed in total, and named high-yield savings, India-focused investments and cross-border credit as planned products.
$51M equity + $200M debt Series B led by Creaegis
Zolve raised a $51M equity Series B plus $200M in debt, led by Creaegis with HSBC, SBI, GMO, DG Daiwa, Accel, Lightspeed, Sparta Group and DST Global Partners. Auto loans were launching immediately, with personal and education loans to follow.
Expansion roadmap: Canada mid-2025, UK and Australia 2026
At the Series B, Zolve targeted Canada for July-August 2025 and UK and Australia entry in 2026.
Waterfield raises $18M led by Jungle Ventures to expand, including to Global Indians
Waterfield secured an $18 million investment led by Jungle Ventures (a mix of primary and secondary, with a $15m primary infusion; EY was exclusive advisor). Founder and CEO Soumya Rajan said the raise would let the firm extend beyond business families to founders, professionals and women, expand into India's tier-2 and tier-3 cities, and reach 'key markets overseas catering to the Global Indians'.
Waterfield Advisors press release · Private Banker International
Global Indian segment posts double-digit 2024 growth; first International Banking Centre for Global Indians at Mumbai flagship
Rajesh Kannan (MD and Head of Wealth and Retail Banking UAE, International Banking EMEA and Jersey; Head of Global Indians) reported the refreshed proposition delivered double-digit growth of the client segment in 2024, and cited the launch of SC's first International Banking Centre for Global Indians at its flagship Mumbai branch. Kannan: 'Global Indians are the fastest-growing diaspora in the world with a large affluent concentration in the UAE.'
RBI approves 20 new HSBC India branches for NRI-inclusive wealth expansion
HSBC's own release frames the branches as 'additional touchpoints for affluent, HNW, UHNW and non-resident clients' in cities identified for growing wealth pools; at approval HSBC had 26 branches across 14 cities. The release cites the 2023 Global Private Banking launch, the 2022 L&T Investment Management acquisition and the 2024 Premier Banking upgrade as the wealth build-out.
ASK Private Wealth launches ASKWA DIFC in Dubai for NRIs and global investors
ASK Private Wealth announced the launch of operations in the Dubai International Financial Centre through ASK Wealth Advisors (DIFC) Pvt Ltd, positioned to serve NRIs, global investors and professional clients across Middle East and African markets, and to give India-based clients access to global portfolio diversification. Named at launch: Rajesh Saluja (Co-founder, CEO & MD, ASK Private Wealth), Prateek Pant (Market Head for Middle East & Africa, ASK Wealth Advisors (DIFC) Pvt Ltd) and Salmaan Jaffery (Chief Business Development Officer, DIFC Authority).
DIFC strategy leans on the 'expat community' — but names no NRI segment
In a DIFC interview, Amer Malik, senior executive officer at Lombard Odier (Middle East) Ltd, described a UAE strategy built around regional entrepreneurs and business families, calling 'this very diverse expat community ... the fastest growing segment for us in the UAE', with 25 employees across the UAE offices. The article makes no mention of NRI, Indian-diaspora or South Asian clients as targeted segments — a striking omission given that Indians are the largest expat community in the UAE and every NRI-focused rival names them explicitly.
MAS-licensed Singapore arm anchors the second offshore leg
Nuvama runs a Singapore entity, Nuvama Investment Advisors Private Limited, that holds a Monetary Authority of Singapore Capital Markets Services licence covering fund management, custodial services and advising on investment products. Nuvama's Singapore wealth build for accredited and institutional investors was reported through 2025 (10-banker plan, per paywalled trade press not read this session).
2024
$200bn net-new-money five-year plan; Global Indian centres launched in Mumbai AND Chennai
SC targeted USD 200 billion in net new money over five years, backed by the USD 1.5 billion investment commitment announced in October 2024 and a 50% relationship-manager expansion by 2028. The release confirms 'dedicated Global Indian centres in Mumbai and Chennai have been launched' and names global wealth hubs in Hong Kong, Singapore, the UAE and Jersey.
Group wealth push: up to 100 adviser hires; India a named growth market; US 'not a priority'
Reuters reports Barclays aims to hire up to 100 more advisers for private banking and wealth management, chasing growth in the UK, Singapore, India and the Middle East, with a division target of annual return on tangible equity above 25% by 2026. CEO Sasha Wiggins rules out acquisitions: 'I have every confidence I can deliver this plan organically.'
Bengaluru HNI/UHNI wealth branch opened (onshore expansion)
IIFL Capital Services (formerly IIFL Securities Limited) opened a Bengaluru branch on Lavelle Road dedicated to wealth management for HNIs and UHNIs — an onshore expansion, with no offshore or Dubai office mentioned in the announcement.
$35M Series A led by Sequoia at $150M valuation
Aspora raised a $35M Series A in December 2024, led by Sequoia with Greylock, Y Combinator, Hummingbird Ventures and Global Founders Capital, at a $150M valuation.
Announces Singapore booking centre, 'expected to be operational by 2026'
The offshore infrastructure for NRI money: a Singapore booking centre for ultra-high-net-worth and global family-office clients with the ability to book assets locally, complementing the existing India hub. No public go-live confirmation had been found as of 30 Aug 2026.
WealthBriefing, 26 Nov 2024 · WealthBriefing, 26 Nov 2024 (Sasha Wiggins, CEO PBWM)
First-mover claim: 'While rivals plan, Julius Baer profits from NRI'
Asian Private Banker reported that 'while competitors are still in the planning stages of similar non-resident Indian (NRI) initiatives and lack the same level of integrated, global connectivity, Julius Baer is already reaping the benefits of its early foothold', quoting head of global NRI Kunal Sumaya: 'Unlike other institutions that have fluctuated in their approach, Julius Baer has consistently stuck to its strategy.'
Enriched HNI/NRI wealth proposition in India; one-hour digital NRI account opening
DBS Bank India launches an enhanced wealth proposition for HNIs and NRIs — preferential FX rates for international transfers, waived service fees, zero ATM withdrawal fees, and NRI account opening completed within an hour — and inaugurates its third flagship branch in Indiranagar, Bengaluru. Treasures eligibility is a Total Relationship Value of more than INR 30 lakh.
UK Budget abolishes the non-dom regime, effective April 2025
The 30 October 2024 policy paper confirmed the remittance basis of taxation would be replaced by a residence-based system from 6 April 2025: a 4-year Foreign Income and Gains regime giving new arrivals (not UK-resident in the prior 10 years) 100% relief on foreign income and gains; a Temporary Repatriation Facility at 12% for the first two years and 15% in the final year; and residence-based inheritance tax where a 'long-term resident' (UK-resident 10 of the last 20 tax years) stays in IHT scope for 3–10 years after leaving. It is the single largest push factor on Indian-origin wealth in Britain.
Refreshes 'Global Indian' proposition; first International Priority Centre opens in Mumbai
SC refreshed its Global Indian proposition within the Affluent segment (Priority, Priority Private and the Global Private Bank) and opened its International Priority Centre in Mumbai — 'a first of such centres globally'. Vinay Gandhi (Global Head, Global South Asian Community): 'For many decades, Standard Chartered has been serving the financial needs of domestic and non-resident Indian clients.'
Sells India personal loan book (~₹4,100 cr) to Kotak to fund wealth pivot
Standard Chartered Bank, India agreed to sell its personal loan book — a total loan outstanding of around ₹4,100 crore (~$490 million) as of 30 September 2024 — to Kotak Mahindra Bank. Aditya Mandloi (Head – Wealth & Retail Banking, India & South Asia) framed the divestment as accelerating growth in wealth, affluent and SME.
10,000+ users across 30+ countries; Rs 30 crore+ AUM
As of October 2024 iNRI reported 10,000+ users globally across 30+ countries and Rs 30 crore+ in assets under management (all self-reported).
LGT Wealth India hires Poonam Mirchandani to build wealth planning & family solutions
LGT Wealth India appointed Poonam Mirchandani Managing Director for its wealth planning and family solutions division, based in Mumbai. Her brief was to 'expand its offerings in succession and estate planning' and to help with 'wealth management, global mobility, and philanthropy' — the family-office and cross-border-mobility capability that serves Global Indian families as LGT built out its onshore-to-offshore model.
UBS explores India onshore re-entry — Reuters reports preliminary talks for ~26% of a 360 ONE JV
The inherited CS India wealth team had shrunk from around 40 to 30; UBS weighed a JV/stake in a local firm. By 30 September, Reuters reported preliminary discussions with 360 ONE WAM for around a 26% JV stake — ambition later shrank to 4.95% warrants.
Hubbis, 12 Sep 2024 · Yahoo Finance UK (Zacks, citing Reuters), 30 Sep 2024
GIFT City freezes the resident family-office (FIF) route
On feedback from the RBI that the arrangements 'may be used to evade taxes and skirt capital controls,' the GIFT City regulator stopped approving resident Family Investment Funds. Only one final approval had been issued before the halt — Azim Premji's family office, in January 2024 — and family funds began exploring investment offices in Singapore and Dubai instead. The freeze created an asymmetric door: NRI money is welcomed into GIFT while residents' outbound pooling stays shut.
India legalises cross-border share swaps — the founder-externalisation rail
The Foreign Exchange Management (Non-Debt Instruments) (Fourth Amendment) Rules, 2024, notified 16 August 2024, inserted Rule 9A to permit transferring equity instruments of an Indian company against a swap of equity capital of a foreign company, removing case-by-case RBI clearance for many structures 'to promote ease of doing business.' It is the enabling rail for founder 'flip' structures — Indian shareholders can end up holding offshore holdco paper (offshore wealth) without an LRS remittance leaving India.
Nuvama Private opens DIFC Dubai branch to serve NRIs
Nuvama Private launched a Dubai International Financial Centre (DIFC) branch targeting non-resident Indians and global investors, with Vishwakit Patil as Senior Executive Officer (DIFC), Alok Saigal as President and Head of Nuvama Private, and Vivek Sharma as Head Offshore.
Yeo Wenxian named Head of Wealth, Asia South — with the UAE mapped into the same P&L
Yeo Wenxian (previously head of DBS Treasures in Singapore) was named 'head of wealth for the Asia South region', effective 1 November 2024, overseeing 'retail onshore and offshore wealth management businesses including Citigold, Citigold Private Client and Cards in Asia South and the United Arab Emirates', reporting to head of wealth Andy Sieg. She replaced Shyam Sambamurthy, who left the bank earlier in 2024.
Puneesh Nayar joins from Julius Baer as Singapore market head for Global South Asia
Puneesh Nayar, managing director, joined as market head in Singapore effective 12 August 2024 — most recently a senior team head for Global India at Julius Baer since 2016. Both Nayar and Malik report to Rajesh Mahadevan, head of Global South Asia & Africa, in the private bank's emerging markets business.
Singapore NRI team head added: Ashwin Jayaram, reporting to group head Vijay Solomon
Jayaram was appointed Team Head, Global Non-Resident Indians Business in Singapore effective 19 August 2024, reporting to Vijay Solomon, Group Head, Global NRI. He brought two decades of experience from Bank J Safra Sarasin, Credit Suisse and Coutts, most recently as CEO of an MAS-licensed multi-family office. Kunal Sumaya (Market Head, Global NRI): 'Julius Baer's Global NRI franchise helps connect Indians across the globe and is a significant driver of growth within the emerging markets region.'
RBI lets residents' LRS dollars sit in GIFT accounts and deploy worldwide
RBI A.P. (DIR Series) Circular No. 15 (RBI/2024-25/49), dated 10 July 2024, widened permitted LRS remittances to IFSCs to include 'all current or capital account transactions, in any other foreign jurisdiction (other than IFSCs) through an FCA held in IFSCs.' A resident's $250,000/yr can now sit in a USD Foreign Currency Account at GIFT City and be deployed globally from there — making GIFT banks a direct competitor to Singapore and Dubai booking centres for the first $250k per head.
Bloomberg: quadruple Asia PB assets by end-2028, triple India + Singapore wealth teams
Nitin Singh tells Bloomberg the bank intends to quadruple private-banking assets in the region by the end of 2028 and triple its wealth team in India and Singapore. Context: ~£183bn in global wealth assets, majority UK, Asia's share 'in the high teens'; client minimums £3m India / £10m Singapore.
FStech (Bloomberg-sourced), 10 Jul 2024 · Bloomberg via Yahoo Finance, Jul 2024
Hussain Selani joins as MD, Head of Investments India and Global Indians — the segment gets its name
Selani (ex-CorpCare CEO; senior roles at Citibank, UBS and Aditya Birla Finance), based in Mumbai, takes responsibility for 'running and distributing all investment products and services (including wealth advisory) across the private bank and wealth arms for the India and global Indians client segments' — confirming 'Global Indians' as Barclays' named diaspora segment. Reports functionally to Jean-Damien Marie and locally to Nitin Singh.
Tests dollar-denominated GIFT City products for NRIs; opens metaverse experience centre
Per Bloomberg-sourced reporting, GIFT City offerings could include savings accounts, insurance, fixed income and other investment products for non-resident Indians; HSBC also opened a virtual experience centre in the metaverse for NRIs. By August 2026, Reuters described HSBC as offering wealth products via the GIFT City hub.
WealthBriefing (citing Bloomberg) · Reuters (via Yahoo Finance UK)
GIFT City dollar India-equity fund launched for NRIs and foreign investors
Motilal Oswal launched an open-ended, multi-cap, long-only India equity fund domiciled in GIFT City, registered as a Category III AIF with the IFSCA. The platform's eligible investors explicitly include NRI/PIO, foreign investors, corporates/family offices and institutions; the two vehicles are the Founders-tilt Alternative Investment (IFSC) Trust (targeting companies where the founders' stake is more than 26%) and a dollar-denominated fund-of-funds feeding the onshore Large & Midcap fund.
Dubai Global NRI build-out: team head Sanjay Advani hired from UBS, senior adviser Nisar Sindhi from JPMorgan
Advani joined from UBS as 'managing director and team head of Julius Baer's global non-resident Indians business in the emirate'; Sindhi, after 13 years at JPMorgan covering UHNW clients, became managing director and senior adviser; two relationship managers also moved from UBS. Both report to Dubai unit head Tarun Jalali. Kunal Sumaya, Head of Global NRI: 'These strategic hires signal our growth ambitions for the Global NRI Business.' Context cited: the UAE attracted roughly 4,500 new millionaires the prior year.
Iqbal Khan relocates to Asia as UBS's first APAC-based divisional president; Ermotti targets 20% of AUM from Asia
Khan assumed the APAC president role on 1 September 2024, succeeding Edmund Koh — the governance tailwind behind the India/NRI push.
Julius Baer raids the UBS Dubai NRI bench: Advani plus two relationship managers
Sanjay Advani — whom UBS had poached from Credit Suisse only a year earlier — became MD and team head of Julius Baer's global NRI business in Dubai; two more RMs moved with the wave.
GIFT City opened to 100% NRI/OCI money in IFSC-based FPIs
Following SEBI's April 2024 board approval, an IFSCA circular dated 2 May 2024 permitted up to 100% participation by Non-Resident Indians, Overseas Citizens of India and Resident Indians in the corpus of GIFT-IFSC-based Foreign Portfolio Investors (up from a 50% cap). It made GIFT City a legitimate onshore-territory wrapper for diaspora capital investing back into Indian securities.
Middle East wealth push: 100 bankers added in 2023, ~60% asset-growth goal
HSBC added 100 bankers to its Middle East private banking business in 2023 under Aladdin Hangari and aimed to grow client assets by around 60% over five years. The Middle East division is the largest contributor to HSBC's Swiss private banking entity, which managed $85 billion in client assets.
Prakash Bulusu and Raghav Gupta join as joint CEOs to build the wealth business
IIFL Capital appointed Prakash Bulusu and Raghav Gupta as joint CEOs in May 2024. Both were previously Senior Managing Partners at ASK Asset and Wealth Management (majority owned by Blackstone), where they managed North, South and East India businesses and offshore markets.
Hong Kong NRI desk demand grows; Treasures Private Client launched in India
DBS Private Bank flags growing demand at its Hong Kong NRI desk; Vikas Jaidka is identified as head of Middle East, Africa, and NRI. DBS had recently launched Treasures Private Client in India with bespoke wealth solutions.
APAC co-head Jin Yee Young lays out the India + NRI thesis a year before the 360 ONE deal
UBS retained the inherited CS onshore India operations, added at least seven relationship managers to the India wealth team, and covered NRIs offshore from Singapore.
Nick Malik rejoins from Credit Suisse as market head, Dubai
Nick Malik rejoined Deutsche Bank's private bank as market head based in Dubai, returning in March 2024 from Credit Suisse, as part of the Global South Asia & Africa coverage under Rajesh Mahadevan.
EFG stands up its Singapore Global South Asia desk — Ravi Ramakrishnan named GSA Market Group Head
EFG Bank appointed Ravi Ramakrishnan Market Group Head, Global South Asia (GSA) at its Singapore branch, effective immediately, reporting to Singapore branch CEO Tho Gea Hong, with a mandate to drive EFG's growth in the GSA market. Ramakrishnan brings 30 years in private banking, 'most recently as managing director and head of GSA and MENA (Middle East and North Africa) at Standard Chartered Bank in Singapore' (earlier DBS, HSBC, RBC and Clariden Leu). EFG simultaneously named Alex See Market Group Head, Greater China (ex-Bank of Singapore). This is the leadership hire that stood up EFG's Singapore GSA desk — well over a year before the October 2025 Nimkar/Batra additions that reported into it.
Euromoney names Julius Baer the world's best private bank for non-resident Indians (2024 awards)
Euromoney's 2024 awards write-up called Julius Baer 'the largest foreign private bank' in India 'with a history stretching back more than 30 years', and recorded 55 new India-facing relationship managers added since 2021 with total headcount up 17%. Note: this is Euromoney's award; Asian Private Banker separately awards JB 'Best Private Bank – Global Indians'.
30 years in India; target to double 50,000+ Treasures base; NRI 'a core focus area'
In its 30th year in India, DBS India reports more than 50,000 Treasures customers with a plan to double the base within three years, expanding beyond metros into Surat, Coimbatore and Madurai, with NRI customers a core focus area.
2023
India CEO Chatterjee flags a diaspora opportunity served from Singapore, London and Dubai
Sonjoy Chatterjee, Chairman and Chief Executive Officer for Goldman in India, said Goldman 'sees an increasing opportunity to target the nation's wealthy diaspora as global investors shift their focus from China.' Reporting on the same remarks placed the coverage geography offshore, noting a 'more prominent opportunity to serve such clients from offices in Singapore, London, and Dubai' as many Indian wealth-industry entrepreneurs relocated overseas during the pandemic.
Bloomberg Law (19 Dec 2023) · BusinessOutreach.in (18 Dec 2023)
Gautam Anand hired from UBS as global coordinator for affluent Indian clients
Effective 1 December 2023, coordinating coverage of affluent Indian clients across the Middle East, North Africa and Europe. Anand had joined UBS in January 2023 and previously spent nearly a decade at Credit Suisse as a managing director leading its non-resident Indian business desk in Singapore.
India's 20% TCS on overseas (LRS) remittances takes effect
From 1 October 2023 (deferred from 1 July 2023), the Tax Collected at Source rate on Liberalised Remittance Scheme outbound remittances other than for education or medical purposes rose from 5% to 20% on amounts above ₹7 lakh per financial year, under the Finance Act 2023. TCS is the swing friction on resident Indians moving capital offshore, pushing larger flows through the NRI-conversion, entity/ODI, share-swap and GIFT-City routes instead.
Global India head Rahul Malhotra promoted to lead new Emerging Markets region from Dubai, joining Executive Board
Malhotra was promoted 'from Global India Head to Lead Emerging Markets and to the newly restructured Group's Executive Board', based in Dubai and effective at the start of 2024. The new region kept the Global India franchise and added Middle East & Africa, Central and Eastern Europe, Israel, Greece and Turkey. Malhotra joined Julius Baer in 2021 after heading JP Morgan's Southeast Asia regional private banking business, with earlier roles at Merrill Lynch and Citigroup.
360 ONE launches '360 ONE Global' for NRIs and hires ex-Bank of Singapore veteran Vikram Malhotra to run it
360 ONE launched an offshore wealth and investment advisory platform, 360 ONE Global, hiring Vikram Malhotra — previously Global Market Head for Global South Asia and Middle East at Bank of Singapore, with more than three decades across Barclays, UBS and ABN AMRO — as Co-founder & CEO, with team members stationed in Singapore and Dubai. Group AUM at the time was around ₹3,83,000 crore (more than $46.5 billion).
Nitin Singh joins as Head of Private Bank Asia (Mumbai), overseeing India + Singapore
Singh, based in Mumbai, takes a newly shaped Asia leadership role spanning the India and Singapore businesses — the executive who would set the 2024 growth targets.
Vikram Malhotra leaves to co-found and lead 360 ONE Global
Malhotra — Bank of Singapore's 'global market head for Global South Asia and Middle East' — departed to become co-founder and CEO of 360 ONE Global, the offshore platform launched by 360 ONE (ex-IIFL Wealth) with hubs in Singapore and Dubai. The first marquee exit that established Bank of Singapore as the sector's talent mint.
LGT Wealth India registers a GIFT City IFSC branch — wiring the onshore franchise to offshore rails
LGT Wealth India's IFSC Branch at GIFT City, Gandhinagar was registered with the International Financial Services Centres Authority (IFSCA) as a Fund Management Entity (Non-Retail) on 18 August 2023 (registration no. IFSCA/FME/II/2023-24/074), and later took a Portfolio Management Services registration (INP000008376) dated 23 November 2023. Linked to LGT (Singapore) Ltd for its IFSC-branch platform access, this is the offshore-onshore bridge in LGT's India model — the structural feature (a resident Indian served via the LRS and an NRI/international investor via a USD-denominated India fund, on the same rails) that distinguishes it from a pure offshore NRI desk.
Opens DIFC premises in Dubai to serve 'the global NRI segment'
Nomura expanded its International Wealth Management business with new premises in Dubai International Financial Centre under a Category 4 licence from the DFSA, serving high-net-worth individuals, single family offices and external asset managers across the UAE, GCC, North Africa and the Levant. IWM head Ravi Raju said the on-the-ground presence would complement a strategy of serving Greater China, Southeast Asia and the global NRI segment.
Singapore raises the family-office bar — S$20m/S$50m AUM floors under the s13O/s13U schemes
For applications submitted to MAS after 10am on 5 July 2023, the s13O tax-incentive scheme requires a minimum AUM of S$20 million in designated investments at the point of application (S$50 million for s13U, throughout the incentive period), a minimum S$200,000 in Local Business Spending, at least one investment professional who is not a family member, and deployment of at least 10% of AUM or S$10m (whichever is lower) into eligible local investments. The higher bar reshaped where global-Indian families domicile pooled capital in Asia.
HSBC relaunches Global Private Banking in India at a USD 2m+ threshold
Targets HNW and UHNW professionals, entrepreneurs and their families with investable assets of more than USD 2 million, with access to global hubs including Singapore, Hong Kong, the UK, the US and Dubai. Bloomberg-sourced coverage noted the return came 'after deciding to exit the market in 2015' and plans to recruit about 30 bankers.
Targets doubling India headcount and tripling India AUM within five years
Opening a satellite office in Aerocity, New Delhi, Julius Baer said it intends to 'double its headcount and triple its assets under management in India within the next five years' — at the time a seven-city footprint with more than 200 professionals. Rahul Malhotra: 'Every day, India welcomes nearly three individuals who join the ultra-high net worth individuals (UHNIs) club, with net worth in excess of $30 million.'
Rebrands to Abound; Times Internet has put in $10M
Times Club rebranded as Abound in July 2023, led by CEO Nishkaam Mehta (ex-Hulu head of mobile strategy and growth). The app lets NRIs transfer money to 130+ Indian banks and shop at 4,000+ Indian grocery stores, and was recording $500,000 in daily transaction volume within weeks of the rebrand.
Goldman's board holds its first India meeting in more than a decade; Modi hosts it in New Delhi
The full 12-member Goldman Sachs board visited India — its first board meeting in the country in over ten years — with Prime Minister Narendra Modi meeting board members and key leadership in New Delhi. The trip signalled a top-of-house India commitment, though the substance disclosed around it (credit business, capital deployment) was institutional rather than private wealth.
EFG hires ex-Credit Suisse NRI bankers in Zurich to cover the global NRI market
Chandan Gupta joined as relationship manager and Sanjeev Sharma as senior relationship manager, both from Credit Suisse, based in Zurich, to 'cover the global non-resident Indian (NRI) market'. Both report to Francois Farjallah, head of private banking in the Middle East. Gupta's prior roles include Julius Baer, Bank of Singapore and DBS Bank; Sharma's include Julius Baer, Bank of Singapore, Standard Chartered, J.Safra Sarasin and Citigroup.
Credit Suisse rescue hands UBS an accidental India onshore re-entry — and a diaspora talent pool
UBS weighed keeping CS's India private banking unit (just over 40 wealth management employees; India was CS's second-largest footprint outside Switzerland). Iqbal Khan met CS India wealth head Puneet Matta; UBS Singapore hired CS diaspora bankers including MD Gautam Anand.
Sale of India consumer banking — including wealth management — to Axis Bank completed
The completed sale covered 'credit cards, retail banking, wealth management and consumer loans', with approximately 3,200 employees transferring and an expected regulatory capital benefit of US$1.4 billion. 'Citi's institutional client businesses in India are excluded from the sale.' Final transaction value was 116.03 billion rupees (~$1.41 billion) per later reporting.
Citigroup press release (1 Mar 2023) · DisruptionBanking (2 Dec 2024)
Euromoney: world's best private bank for non-resident Indians 2023
Euromoney's Private Banking Awards named Standard Chartered 'The world's best private bank for non-resident Indians 2023' (published 30 March 2023).
Founded; takes $500K pre-seed from Y Combinator
iNRI was founded in 2023 by Hemant Gangolia (co-founder and CEO; ex-Meta, Walmart, McKinsey; IIT Bombay, IIM Ahmedabad) and Dinesh Reddy, with a $500K pre-seed from Y Combinator in March 2023. Parent entities are Techbloom Inc. (US) and Techbloom India Pvt. Ltd. (Bengaluru).
Dedicated India client segment introduced, targeting an estimated 13.5m NRIs
Per Euromoney's awards write-up: 'In February 2023, it revolutionised its approach to serving the estimated 13.5 million non-resident Indians (NRIs)'. The same write-up records seven offices in India (with expansion to Hyderabad and Pune), an Equity India Fund that 'attracted $167 million in capital in its first two weeks', and the Julius Baer Academy opened in India in May 2023.
Dubai and Singapore NRI desks staffed with Credit Suisse bankers; Gulf/Saudi/NRI coverage split into separate segments
Even before the CS rescue closed, UBS Dubai lined up Sanjay Advani and his NRI team from Credit Suisse, UBS Singapore added three CS private bankers for NRI coverage, and Niels Zilkens ran the global NRI business.
Launches as Vance with UK-to-India remittance
The company that became Aspora started as Vance, offering remittance for NRIs in the UK in 2023. Founder Parth Garg grew up in the UAE.
2022
EFG installs a CEO over its Dubai Advisory Office — the Middle East hub it built from 2019
EFG International named Ali Sandila chief executive of its Dubai Advisory Office. Sandila had 'joined EFG International in 2019 when the firm set up its Dubai office' and was 'expected to lead the firm's expansion efforts in the UAE'. The office — opened in 2019 and since grown to more than 60 professionals serving private banking clients across the region — is the Middle East hub onto which EFG later layered its Global South Asia / NRI leadership: ex-Bank of Singapore DIFC chief Ranjit Khanna became the office's CEO effective 26 August 2026.
Last disclosed funding (venture round, Dec 2022)
Inc42's profile lists SBNRI's last funding as a venture round dated 31 December 2022, with the amount and investors not shown.
Global Compounders Portfolio — a GIFT City US$ PMS aimed at NRIs
Marcellus launched the Global Compounders Portfolio, a US-dollar PMS in global stocks domiciled in GIFT City with an October 31, 2022 inception. The NRI pitch: a $75,000-minimum GIFT City US$ PMS ('suitable for NRIs'), a $150,000 GIFT City US$ AIF (for resident Indians) and a $100,000 Cayman fund (for eligible non-residents), structured so investors avoid US PFIC classification and pay no Indian capital-gains or securities-transaction tax while sidestepping rupee depreciation. Marcellus is regulated by the IFSCA as a Fund Management Entity (Retail) and registered with the SEC as an Investment Adviser.
UAE overhauls the Golden Visa — 10-year residence, no sponsor, AED 2m investor route
New UAE visa rules, approved by the Cabinet in April 2022 under Cabinet Resolution No. 65 of 2022, came into force on 3 October 2022, expanding the Golden Visa to grant 10-year residence without a national sponsor and letting skilled professionals earning AED 30,000/month or more secure it more easily; holders keep the permit even when staying abroad. The investor category requires minimum capital of AED 2 million (public investment) or AED 2m in property. The reform turned the UAE — and Dubai in particular — into the leading long-term-residence magnet for relocating Indian-origin wealth.
The National, 3 Oct 2022 · u.ae official portal (updated 28 Jul 2026)
LGT Wealth India launches onshore operations (Validus rebrand)
Three years after the Validus stake, LGT rebranded and launched LGT Wealth India as its onshore private-client platform in September 2022, the base from which the resident + NRI cross-border model would be built.
Agreement to sell India consumer businesses to Axis Bank for ~US$1.6bn
Citi announced the agreement to sell its India consumer businesses — credit cards, retail banking, wealth management and consumer loans, plus Citicorp Finance (India) consumer assets — to Axis Bank for cash consideration of approximately US$1.6 billion, with approximately 3,600 employees expected to transfer. Institutional client businesses were excluded.
2021
Asia growth model is onshore strategic alliances — none of them Indian
Lombard Odier's Asia expansion runs through 'an ecosystem of strategic alliances with financial institutions in Asia' built since 2015; the named partners are Kasikornbank Private Banking in Thailand, Taipei Fubon Bank in Taiwan and UnionBank Private Banking in the Philippines. No Indian bank is among them — evidence that the India/NRI corridor sits outside Lombard Odier's onshore-partnership map even as it deepens elsewhere in Asia.
Adds NRI-market relationship managers to the IWM bench
Nomura continued its wealth-management recruitment with hires explicitly covering the non-resident Indian market: Kapil Poply (MD and team lead, Southeast Asia and NRI markets), Sharon Bahl (executive director, RM covering the NRI market, 30+ years' experience) and Gautam Sareen (executive director, RM, Southeast Asia and NRI markets).
Singapore private-banking return: Evonne Tan hired from UBS as Head of PB Singapore
Barclays re-establishes its Singapore private-banking presence in 2021, announcing Evonne Tan (ex-UBS Market Team Head for the UHNW Singapore business) as Head of Barclays Private Bank, Singapore on 6 July 2021. Tan goes on to lead the rebuild of the regional footprint sold to Bank of Singapore in 2016.
The Asian Banker (press release), 6 Jul 2021 · IMGlobal Wealth, 13 May 2025
Aditya Chauhan hired from Credit Suisse as NRI market head, Singapore
BNP Paribas Wealth Management appointed Aditya Chauhan as market head for non-resident Indians (NRI), based in Singapore and overseeing all NRI bankers in the city-state and Hong Kong. He joined from Credit Suisse and was expected to bring a team — the last visible expansion of BNP Paribas's dedicated NRI coverage before the segment went quiet in the 2023-2026 build-out.
Citi to exit India onshore private banking; NRIs to be served from London, Dubai and Singapore
Euromoney revealed the onshore private-banking exit and the offshore NRI redirection: 'Citi's strategy is to redirect capital and human resources to serve a growing army of wealthy non-resident Indians (NRIs) who are putting their wealth to work in a select set of offshore markets, including London, Dubai and Singapore.' A Citi spokesman: 'India remains an important market for the Institutional Clients Group and Citi's wealth ambitions in the region.'
Fraser announces exit from 13 consumer markets including India
Incoming CEO Jane Fraser announced a plan to withdraw from 13 Asian and EMEA consumer markets and concentrate on wealth hubs — Singapore, Hong Kong, the UAE and London. Fraser: 'While the other 13 markets have excellent businesses, we don't have the scale we need to compete.'
Builds International Wealth Management with an NRI-focused Southeast Asia head
As Nomura built out its International Wealth Management arm, it hired Adil Khan as Managing Director and group head for Southeast Asia, focused on the NRI market in the Middle East and Southeast Asia. Khan joined from Citi Private Bank, where he was managing director and team head for the global India business and ran the Middle East desk in Asia. IWM head Ravi Raju said the recruitment drive's initial focus was Greater China, Southeast Asia and the Global South Asia market.
PAG takes controlling stake in the Edelweiss wealth business (later Nuvama)
Hong Kong-based private equity firm PAG invested about $325 million for a controlling stake in what was then Edelweiss Wealth Management, the business that was later demerged and listed as Nuvama in September 2023. PAG retains a majority holding (a stake valued at roughly $1.2bn as reported in 2025).
Zolve launches — credit cards + checking for newcomers to the US
Founded by CEO Raghunandan G, Zolve launched in 2021 offering credit cards and checking accounts to global citizens relocating to the US, enabling financial access without a US credit history.
2020
Lakshmi Vilas Bank amalgamated into DBS Bank India
The RBI-directed amalgamation of Lakshmi Vilas Bank into DBS Bank India Limited takes effect on 27 November 2020; DBS Group injects INR 2,500 crore (SGD 463 million) into DBIL, giving DBS a large onshore branch network and customer base.
'Global Indian' approach publicly framed as the franchise's biggest competitive advantage
Announcing domestic expansion and digital upgrades, Julius Baer said its 'Global Indian' approach — serving Indians globally — 'is one of its biggest competitive advantages and a strategic aspect of its Global India market strategy'. Six RMs joined the Indian franchise that calendar year, and Himanshu Bhagat had been appointed Head of Wealth Management at Julius Baer Wealth Advisors (India) in March 2020.
First foreign bank to open at GIFT City IFSC
Standard Chartered Bank, India launched operations at the IFSC within GIFT City, Gandhinagar, effective Monday 1 June 2020 — the first foreign bank to commence operations in IFSC. Initial focus: External Commercial Borrowings, export trade finance and financial-market products.
Launches as Times Club
The app that became Abound launched as Times Club in February 2020 within Times Internet.
SBNRI founded — full-stack NRI banking/investment/tax app
SBNRI was founded in 2020, headquartered in Gurgaon, as a single app for NRI financial needs — mutual funds, Micro VC, PMS, India and US tax filing, PAN, NRO-NRE transfers, FCNR fixed deposits and USD investments — with initial focus on the USA, Canada, UK, Malaysia, GCC and Africa. It is an independent entity with no connection to State Bank of India.
2019
Builds out Global South Asia team — 80+ bankers, group head hired from Julius Baer
DB Wealth Management's Global South Asia business — more than 80 client-facing bankers, a quarter based in India, led by Amrit Singh (Head of Wealth Management GSA) — was described as one of the market leaders serving NRI clients. Achal Aroura joined as group head, based in Dubai, previously group head Middle East and Africa for the NRI business at Julius Baer.
Kotak launches its first overseas branch at DIFC Dubai — pitched at the 'Indian global diaspora'
On 22 October 2019 Kotak Mahindra Bank launched its very first overseas branch at the Dubai International Financial Centre — roughly three years after the November 2016 RBI approval — as a Category 1, DFSA-regulated branch that can accept offshore deposits from professional clients based outside the UAE and arrange/advise on offshore credit and investments, complementing its GIFT City IBU. Kotak framed DIFC as a way to offer world-class services to 'the large Indian global diaspora'; its Dubai Representative Office already promoted India-based NRI products (NRE/NRO accounts and deposits, home and auto loans), and the group traces its UAE presence to a first Dubai office in the mid-1990s.
Kotak Mahindra Bank — press release, 22 Oct 2019 (PDF fetched + text-extracted 2026-08-30) · MoneyWorks4Me — Kotak release syndication (read 2026-08-30)
LGT takes a controlling majority stake in Mumbai wealth manager Validus Wealth
LGT acquired a controlling majority stake in Validus Wealth (financial terms undisclosed), gaining a foothold in India's HNW market. Validus — led by founder-CEO Atul Singh, 'who has decades of experience in India's private banking and financial market' — had more than 150 staff and a presence in nine cities including Mumbai, Delhi and Bengaluru. LGT committed to develop it into 'a full service, next generation private client platform in India'.
2018
'Global India' build-out: Chugh runs offshore + onshore India under one manager
Varun Chugh was named 'global market manager for the Global India business', 'responsible for leading the private bank's offshore and onshore India businesses', reporting to South Asia head Jyrki Rauhio, with Puneet Sanwalka as 'head of the India onshore business' in Mumbai. Stated aim: 'capture a significantly larger slice of the wealth management business represented by the global Indian diaspora and the domestic Indian markets.' Chugh joined from DBS Bank, 'where he ran its Global South Asian Team.'
Five-year Middle East wealth expansion plan; expanded DIFC premises
DBS Private Bank unveils new, expanded DIFC office premises and a plan to double private banking headcount in Dubai by 2023 and triple revenue over five years. Dubai branch revenue had grown 20% per annum over seven years.
Onshore build-out: 11 relationship managers hired across four Indian cities
Julius Baer Wealth Advisors India appointed 11 relationship managers across Chennai, New Delhi, Kolkata and Mumbai under India CEO Ashish Gumashta, who said the firm was 'actively scaling up the India franchise' for resident Indian and NRI clients.
Vikas Jaidka named Head of NRI clients for Asia Pacific; CEO calls NRI 'a growth area'
BNP Paribas Wealth Management appointed Vikas Jaidka as head of non-resident Indian (NRI) clients for Asia Pacific, leading its NRI teams in Hong Kong and Singapore and reporting to Samir Bimal, head of Indian markets. Jaidka joined from Citibank, where he had built the NRI business across APAC, the UK, UAE and Africa. Pierre Vrielinck, CEO of BNP Paribas Wealth Management Asia Pacific, called the NRI segment 'clearly a growth area' for the business in Asia.
2016
Completes acquisition of Barclays' Singapore + Hong Kong wealth business
Bank of Singapore completed its purchase of Barclays' wealth and investment management business in Singapore and Hong Kong: US$13 billion of AUM transferred, priced at 1.75% of transferred AUM for US$227.5 million, with more than 60 bankers added and the majority of the combined Barclays relationship-manager workforce joining. The deal lifted Bank of Singapore's total AUM from US$62 billion (30 Sep 2016) to more than US$75 billion. (Barclays retained its India onshore private bank.)
Bank of Singapore completes acquisition for US$227.5m — India onshore retained
Completion 28 Nov 2016: US$13bn of AUM transfers to Bank of Singapore at a price set at 1.75% of AUM transferred — US$227.5m — with more than 60 bankers moving. Barclays keeps its India onshore private bank, a continuity it still markets ('Barclays Private Bank retained its business in India').
Bank of Singapore completion media release (PDF), 28 Nov 2016 · WealthBriefing, 26 Nov 2024
RBI clears Kotak's first overseas branch — a Category 1 DIFC branch in Dubai with wealth management
Kotak's DIFC branch in Dubai — the group's first overseas branch, with RBI approval reported in November 2016 — is a Category 1 Authorized branch regulated by the DFSA, offering deposits, loans and credit, and wealth management to a global customer base. It sits alongside group international offices in London, New York, Abu Dhabi, Mauritius and Singapore, giving Kotak a Gulf booking point for NRI and global-Indian clients.
Kotak Mahindra Bank — DIFC branch page (fetched 2026-08-30) · Kotak Mahindra Bank — press release, 11 Nov 2016 (PDF fetched 2026-08-30)
Pictet opens a DIFC office — but it is institutional asset management, not NRI wealth
Pictet Asset Management opened an office in the Dubai International Financial Centre, having operated in the UAE since 2007 serving institutional clients across the region (referenced as the 'MEASA' — Middle East, Africa and South Asian — region), managing US$159 billion in assets at the time. The Dubai presence is institutional asset management led by Francesco Genovese, Head of Middle East & Africa, Central Asia and Frontier Markets; it makes no mention of non-resident Indian or Indian-diaspora private-wealth clients.
Kotak opens an IFSC Banking Unit at GIFT City — a foreign-currency booking base for global customers
Kotak Mahindra Bank set up its International Financial Services Center Banking Unit (IBU) in GIFT City, Gujarat, on 3 May 2016, offering a foreign-currency-only suite of deposits, loans and advances, and treasury services to a global customer base, regulated by the IFSCA. GIFT City gives NRIs and offshore clients a dollar route into and out of India without a Singapore or Mauritius wrapper.
Kotak Mahindra Bank — GIFT City branch page (fetched 2026-08-30)
Agrees to sell Singapore + Hong Kong wealth business to Bank of Singapore
Barclays signs the agreement to sell its wealth and investment management business in Singapore and Hong Kong (Barclays WIM Singapore and Hong Kong) to OCBC's Bank of Singapore on 7 April 2016, when the units held about US$17.5bn in AUM.
Bank of Singapore completion media release (PDF), 28 Nov 2016
2015
HSBC announces closure of its India onshore private banking business
Announced 27 November 2015 after a strategic review; clients were offered a move to HSBC Premier, the bank's global retail banking and wealth management platform, with the process expected to complete in Q1 2016. RBS and Morgan Stanley had sold their onshore India private banking units in the same period.
Enters India onshore at scale: completes Merrill Lynch IWM India transfer (>CHF 6bn)
Julius Baer completed the asset transfer of Merrill Lynch's International Wealth Management business in India — 'the volume of the asset transfer in India corresponds to more than CHF6bn'. The global IWM integration began in early February 2013 and reached its CHF 57–72bn target range across 18 local businesses. Region head Thomas Meier noted the acquired business 'has already been well established in India since the 90s'.
2014
UBS exits India's onshore private-wealth market
UBS wound down its first India onshore wealth presence, part of a wave of foreign-bank exits. The exit is dated to 2014 in retrospective reporting; only the year is sourced.
2013
Buys Morgan Stanley's India private wealth unit (~$800m AUM)
Morgan Stanley divested its India private wealth management unit to Standard Chartered; the unit had approximately $800 million of assets under management, with Standard Chartered expected to initially pay $8 million.
Standard Chartered agrees to buy Morgan Stanley's India private wealth unit (~$800m AUM)
Standard Chartered agreed to acquire Morgan Stanley's India private wealth business — set up in 2008 — with completion expected by end-2013. StanChart was expected to pay $8 million initially followed by an undisclosed amount, and said the deal would increase its assets under management by 25 per cent. The unit had represented under 5% of Morgan Stanley's India revenues in 2012; Morgan Stanley said it would continue to focus on institutional securities, investment banking and asset management in India.
WealthBriefingAsia (20 May 2013) · Yahoo Finance (Zacks, 22 May 2013)
Morgan Stanley sells its EMEA and UK/UAE/Italy private wealth business to Credit Suisse
In March 2013 Morgan Stanley agreed to sell its Europe, Middle East and Africa private wealth management business — in the UK, United Arab Emirates and Italy — to Credit Suisse, closing the offshore-EMEA private-wealth footprint (including the UAE) that would otherwise sit at the centre of an NRI/Gulf franchise today.
2012
MD-level global head of NRI Business documented at Citi
GlobalCapital named Ajay Kashyap as 'managing director and global head of NRI Business at Citi' — evidence Citi ran named global NRI coverage at least 14 years before the current desk. The same piece put the diaspora at ~25 million people, cited Datamonitor's $1 trillion aggregate net worth estimate and RBI's $46 billion in annual remittances.
Dedicated NRI/South Asia coverage already running; UBS sizes the NRI wallet at CHF 40bn+
A decade before the current build-out, UBS Wealth Management ran dedicated NRI coverage and published its own estimate of the diaspora opportunity. MD Vinay Gandhi described NRIs as financially astute global investors with a home-country bias.
BNP Paribas WM names a Head of NRI for North Asia in Hong Kong
Akshay Jaitly was appointed Head of non-resident Indians for North Asia, based in Hong Kong, reporting to Stephane Honig, head of Indian markets for BNP Paribas Wealth Management. He was to lead a team of relationship managers dedicated to Indian clients in North Asia — the first marker of BNP Paribas's named NRI franchise.
2011
Retreats from India unsecured retail: StanChart to take ~150,000 credit-card accounts
Standard Chartered Bank India agrees to acquire roughly half of Barclays Bank India's credit-card portfolio — about 150,000 of ~300,000 cardholders. Barclays had earlier 'planned to review its credit card business in India after deciding to focus instead on secured retail assets'. Wealth and corporate banking continue.
2010
Dubai (DIFC) private-wealth entity licensed — the offshore pedigree that predates the '360 ONE Global' brand
The group's DIFC-regulated Dubai arm was licensed on 31 October 2010 as IIFL Private Wealth Management (Dubai) Limited and has since been renamed 360 ONE Private Wealth (Dubai) Limited (DFSA reference F001202), authorised to arrange deals in and advise on investments. It gave the firm a Gulf booking presence more than a decade before it formalised a global-Indian platform.
Citi Private Bank courts UK-based Indian wealth
David Poole, Head of Citi Private Bank, framed the UK-based Indian community as a priority: 'From a macro perspective, it is an important community globally. It has multi-locational, multi-currency requirements.' The article cited Lakshmi Mittal (family wealth £22.45 billion) and Anil Agarwal (£4.1 billion) from the 2010 Sunday Times Rich List as examples of the wealth Citi aimed to serve.
Plans to double NRI assets to $10bn in three years
Salman Mahdi, global private wealth management head for South Asia, said Deutsche planned to double the assets it manages for NRIs to $10 billion in three years. The bank then employed 60 NRI-focused staff and wanted to boost this by at least 50%, recruiting mainly in Singapore and Hong Kong with additional positions in London, Geneva and Dubai.
2008
Barclays Wealth launches India onshore operations
Barclays opens onshore wealth management in India — the start of an onshore private-banking presence it has never exited. The 2026 Bloomberg-sourced coverage confirms the vintage: 'managed Indian wealth since 2008'. Month per Business Standard's 19 Nov 2008 launch report (page unreachable this session; year independently verified).
Outlook Business (Bloomberg-sourced), 28 Aug 2026 · Business Standard, 19 Nov 2008 (403 this session — month from article dateline)
2006
First Singapore bank licensed at DIFC
DBS establishes its Dubai branch in DIFC — the beachhead that later becomes the base for its Middle East & Africa private banking build.
2002
Client Associates founded as an Indian multi-family office
Client Associates was founded in May 2002 by former private bankers Rohit Sarin and Himanshu Kohli — both listed as Co-Founders on the firm's site — as an India-based multi-family office ('private CFO') for HNW and UHNW families. Kohli is described on the firm's site as a trailblazer in India's Family Office concept. The firm was built onshore in India rather than around an offshore diaspora booking centre.
Client Associates (About) · Client Associates (Himanshu Kohli profile)
1994
DBS enters India
DBS's India presence dates to 1994 — three decades before the current NRI wealth push. The bank's India wealth head framed 2024 as its 30th year in the country.