HSBC launches its first «Jade Center» – a business specifically covering the high net worth segment – in mainland China and will look to further expand the business line in the market.
The «Jade Center» will be based in Shanghai’s Portman Ritz-Carlton on West Nanjing Road and the bank will look to launch another center in Beijing in 2020.
HSBC Jade focuses on clients with a minimum account size of $1 million, a segment the bank describes as emerging wealth, in contrast with HSBC Private Banking which requires a minimum account size of $5 million. It currently has more than 150,000 customers globally in eight markets.
Non-Financials Matter
HSBC Jade offers a full range of financial and non-financial services to clients, a key area many banks focus on to lure mainland Chinese clients and their insatiable appetite for exclusive luxury-related access.
“Today, as we launch HSBC’s first Jade Centre in mainland China, we also unveil the new Jade Passport, which gives our Jade customers in mainland China, Hong Kong and Singapore access to a suite of exclusive privileges across Asia’s key wealth hubs,» said Annabel Spring, group head of customers and products, HSBC retail banking and wealth management.
Jade clients will have access to a dedicated relationship manager and specialists (investment, insurance, legacy planning); customised and exclusive investment solutions; exclusive discounts and benefits; concierge services; digital solutions; and «Jade Passport» which enables access to exclusive benefits in mainland China, Hong Kong and Singapore.
