HSBC's Greater Bay Area push sees the launch of a private banking branch in China's southern tech hub.
HSBC has launched a global private banking business branch in Shenzhen, according to a statement sent by the bank. The new establishment aims to enhance its wealth offering to high and ultra-high net worth clients in China.
The step also marks the fourth city in mainland China where HSBC has rolled out a private banking business after Beijing, Shanghai, and Guangzhou.
HSBC also announced a partnership between its private banking business in China and the Shenzhen-based securities joint venture, HSBC Qianhai Securities, that would allow it to offer increasingly tailored and diversified securities and asset management solutions to clients.
Greater Bay Area Drive
Together with the Guangzhou branch, the new Shenzhen unit is part of HSBC's strategy for the Greater Bay Area (GBA), an 11-city cluster encompassing Hong Kong and Macau.
The bank has established a dedicated team of relationship managers and investment counselors to serve clients across the GBA region through the two branches.
«Vibrant entrepreneurialism and innovation are fuelling wealth creation across key centers in mainland China, including Shenzhen, where the number of households with net assets of more than 10 million yuan ($1.6 million) is increasing at a faster rate than any other GBA city,» said HSBC’s head of global private banking for mainland China, Jackie Mau.
Expansion Goals
The new branch is part of broader plans announced by HSBC in 2021 to invest over $3.5 billion and hire 5,000 roles for the wealth management business in Asia.
Mau added that there are plans to triple the size of the team over the next three years for the GBA private banking business.
