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HSBC will build its second onshore private banking business in Southeast Asia with the establishment of a new unit in Thailand.
HSBC Private Banking will enable its Thai clients to access international capital markets, according to a statement, while leveraging existing infrastructure for activities such as booking assets in Singapore.
Saranya Arunsilp, a 25-year banking veteran, joined HSBC last year and will lead the onshore team as head of global private banking, Thailand. Arunsilp will be supported by a local team of relationship managers and investment counselors who will work locally with the Singapore teams.
We welcome the progressive opening up of the private wealth investment corridor between Singapore and Thailand, which can serve as a pilot for other markets to ‘green-lane’ wealth flows to serve genuine cross-border investment needs, said HSBC’s Southeast Asia head of private banking Philip Kunz.
According to APAC head of HSBC Private Banking Siew Meng Tan, connectivity to the broader ASEAN region is a major strategic focus for future growth in the region.
Aside from the new presence in Thailand, the private bank has also placed emphasis on other ASEAN markets such as Singapore and Malaysia, for which it appointed new market heads in August last year. Separately, it has also introduced offshore Vietnam coverage to serve the private wealth needs of small and medium-sized enterprises, particularly for supply chain businesses.
This connectivity is central to our growth in ASEAN which is key to delivering our ambition to become the No 1 wealth manager in Asia, Tan said.
