The year 2023 could be a pivotal one for HSBC in India with a strategy to muscle up three of its businesses here. This includes a re-entry into private banking to service ultra-high net worth individuals and family offices in India after exiting it eight years ago; energising the mutual fund business having completed the acquisition of L&T Mutual Fund in late 2022, and launching a digital personal loans channel, assisted by application programming interfaces (APIs). The bank is also exploring a strategy for a digital equity brokerage after it had shut its retail broking business in India in the previous decade.