HSBC Expands China Private Banking Footprint

HSBC continues to voice its ambitions to pivot to Asia with plans to extend its onshore private banking services to ten mainland cities in the coming five years.

Days after securing $3.5 billion in investments for its wealth unit over the next five years, HSBC reiterated its ambitions in Asia, home to nearly half of the bank’s $1.6 trillion of wealth balance and 65 percent of group revenue.

Regional head of wealth and personal banking Greg Hingston set out plans for the mainland market during this five-year period including the extension of private banking to ten cities onshore and the doubling of its client base for Jade – a segment targeting clients with a $1-5 million in investable assets (the private bank targets clients with $5 million or more), according to a statement.

Hinston said the bank also aims to double its Jade client base in Singapore and become a lead foreign bank for non-resident Indians.

The bank also reiterated its hiring goals with plans to add more than 5,000 client-facing wealth-related roles in the next five years. These roles include relationship managers, investment counselors and specialists to support clients in Hong Kong, Singapore, and mainland China.

The bank also underlined its intention to improve its distribution in the three markets; digital and platform capabilities in the broader region; and product development, especially for high and ultra-high net worth clients.

We have a bold but achievable ambition, to be Asia’s leading wealth management provider by 2025, said Nuno Matos, HSBC’s chief executive for wealth and personal banking.