World''s local bank HSBC announces simultaneous launch of global local bank account in 35 countries

HSBC defines "mass affluent" as those customers who have liquid assets of between $100,000 and $2 million.

The latest "local" account has been rolled out across 35 countries simultaneously, as one of the most comprehensive global banking and wealth management services. The bank says that HSBC Premier breaks down international barriers, offering seamless cross-border banking along with the promise that customers can, for the first time, take their accounts, credit history, and banking relationships with them, wherever they choose to live and work in the world.

Rajnish Bahl, head of personal financial services for HSBC India, however clarified that these were subject to local regulations, citing the example that US laws do not permit sharing of information across the country''s borders, so though the HSBC Premier services would be available to customers, they would be within the ambit of local laws of the land.

Premier customers will have access to 250 international Premier centres across major cities in the world, along with HSBC''s 6000 plus strong global branch network with the Premier service points. Each individual location will have access to all the information needed to service customer requirements, and provide local advisory services.

Speaking at the launch, Naina Lal Kidwai, group general manager and country head for HSBC India said, "There are around 200 million mass affluent consumers in the world today, and the number is growing rapidly, by almost 20 per cent a year. These customers are highly mobile, sophisticated, and knowledgeable. HDBC, with operations in 83 markets, could provide them with the seamless international service they need."

To ensure world-class support to its customers, HSBC has embarked on what could possibly be the largest retraining exercises, which will provide over 4,000 HSBC Premier Relationship Managers globally, along with an additional 2,500 support staff with the training and accreditation needed to provide the services from day one.