HSBC Holdings Plc said it began private banking operations in India, marking a return to the market as Europe’s largest lender seeks to serve the nation’s growing rich.

The business is aimed at professionals, entrepreneurs and their families with investable assets of more than $2 million, the London-based bank said in a statement Tuesday.

The move underscores how global wealth managers are increasingly competing with local firms to manage India’s fortunes. The nation overtook China as the world’s most populous earlier this year and the number of ultra-high-net-worth individuals in India with more than $30 million to invest is predicted to increase 58% by 2027, according to the bank.

HSBC has plans to recruit about 30 bankers to service wealthy clients through the private bank in India, Bloomberg reported in April, after deciding to exit the market in 2015. The return follows HSBC’s introduction of private banking in Thailand in 2021, in addition to Mexico, the United Arab Emirates and parts of mainland China last year.

Liechtenstein royalty-backed LGT Wealth India is expanding, while Julius Baer Group Ltd. is also aggressively ramping up its operations in the country. That’s on top of local wealth managers who are seeking to grow their customers and assets. Among these, Axis Bank’s private wealth management unit counts 30 of India’s 100 richest as its clients, according to its annual report.