HSBC’s wealth unit in Asia benefitted from investments in technology and growth, registering nearly $60 billion in net new assets in 2022.
The Asia wealth and personal banking (WPB) unit at HSBC saw $59 billion in net new invested assets in 2022, according to the bank's annual results, up 64 percent from $36 billion in 2021. The region dominated overall inflows accounting for 74 percent of the $80 billion in net new invested assets globally.
Within the global private banking unit, HSBC saw reported client assets in Asia slip 2 percent to $174 billion.
Profit Boost
Overall, the WPB unit in Asia posted a pre-tax profit of nearly $5 billion, up 15 percent from $4.4 billion in 2021.
According to group CEO Noel Quinn, investments in technology and in organic and inorganic growth in Asia, especially in WPB, were one of «the most significant changes» to HSBC's portfolio in 2022.
