The British-based bank will expand its onshore presence in China by launching a new high-net-worth business in the west of China.
HSBC Global Private Banking has opened two new locations for wealthy clients in Chengdu and Hangzhou, according to a statement, a step that is in line with a strategy announced in the first half of 2022 aimed at enhancing local service capabilities in mainland China. The new locations will make it the first global bank to set up a dedicated private banking services team for western China.
«As the provincial capital of Sichuan, Chengdu is an important central city and international gateway hub in Western China. The accumulation of personal wealth in the city has driven robust demand for diversified asset allocation and international wealth management,» HSBC China’s head of global private banking Jackie Mau said.
«As a new class of HNW and UHNW individuals emerges from the vigorous development of Hangzhou's digital economy, demand for international wealth management has also grown significantly.»
Bank Strategy
A newly established team made up of relationship managers and investment advisors will tap into HSBC’s local branch network to service clients in Chengdu, Hangzhou, and surrounding areas.
HSBC Global Private Banking will also leverage synergies with HSBC China’s wholesale banking business and collaborate with other institutions related to the group across securities, funds, insurance, and financial technology.
Onshore Business
In May 2022, HSBC announced its private banking expansion plans for mainland China with a focus on enhancing its local service and product capabilities onshore. The business now covers six cities when Beijing, Shanghai, Guangzhou, and Shenzhen are included.
«We see huge growth potential for the wealth management market in mainland China, driven both by the economically active coastal areas and the fast-developing inland areas, which are fundamental to the long-term development of our wealth business,» Mau added.
