Taiwan is becoming a key market for HSBC in Asia as the bank set up a wealth management center in Taipei. Two more outlets are planned for 2023.
British-based financial institution HSBC has opened a new wealth management center in the capital of Taiwan, serving private banking and high-net-worth clients. The flagship center in the Xinyi district is equipped with an international financial center, which allows clients to manage cross-border finance accounts, the «Taipei Times» reported on Wednesday.
«We observe that Taiwan’s wealth market has been rapidly growing in recent years. Clients would be able to consult and plan their wealth management needs, such as wealth growth, children’s education, retirement and legacy planning, with their exclusive financial advisory teams in a comfortable environment,» said Linda Yip, head of wealth and personal banking at HSBC Taiwan.
Expansion in 2023
Apart from the Taipei center, the bank also plans to establish two other wealth management centers in the cities of Taoyuan and Taichung in 2023. The three centers are going to cost around $3.3 million, according to HSBC.
The bank added that its assets under management recorded a 22 percent year-over-year growth in 2021, while the number of private banking clients has recorded double-digit growth. In the first six months of 2022, HSBC Taiwan recorded a 70 percent rise in pre-tax profit from its wealth management and personal banking business, compared with the same period in 2021 to $19 million, according to company data.
