HSBC said it is opening an office in Australia, a move to expand its Asia-Pacific private banking activities. The British bank is targeting clients with more than $7.5 million, or A$10 million, in bankable assets.
London-based HSBC will offer private banking services including discretionary investment management, equities, fixed income, structured products and derivatives, as well as banking and lending services like deposit accounts, foreign exchange and online transactional banking.
The private bank business in Australia will be led by Hayden Matthews, who will be based in Sydney.
«Australia is a priority growth market for HSBC, and having a private bank office here will complement and enhance our existing retail, commercial and investment banking businesses. We anticipate significant growth from being able to offer a comprehensive private banking experience to both new and existing customers,» HSBC's overall CEO in Australia, Tony Cripps, said in a statement.
Leverage Singapore, Hong Kong
Australia has the third largest population of wealthy people in Asia, with around 29,500 Australian households holding a net worth of over A$10 million. The bank plans to build upon capabilities in Hong Kong or Singapore, and the private banking team in Australian will collaborate with other bank units to target owners and principals of Australian businesses with a view to tending to their personal financial affairs.
«HSBC has achieved significant growth in Australia over the past five years; and private banking is a natural step to continue building our business and meeting our customers’ needs,» Cripps said.
