One of the key differentiators in Credit Suisse’s Asia private banking proposition is an extensive onshore presence, complementing its offshore business. Few global wealth managers have the same level of resources on the ground and HSBC has made this a core part of its strategy, which could help create a seamless experience for fleeing clients accustomed to the approach.
In recent years, the British private bank revamped its onshore offering in mainland China and upgraded its onshore offering in Taiwan. In 2021, it launched an onshore offering in Thailand with plans to do the same in Australia and India, which is earmarked for a 2023 roll-out.
«This flying in, flying out – if we can minimize this, that would be the best. This is something we learned from Covid. When everything shuts down, how are you going to meet your clients?» said HSBC Global Private Banking APAC regional head Siew Meng Tan. «Wherever the regulations allow, we will put coverage bankers on the ground.»
Pure-Play Opportunity
The government-brokered acquisition of Credit Suisse could also have greater repercussions for the broader market of universal banks due to a negative impact on overall perception.
Asian HNWIs are not known to be leaders in brand loyalty nor have many experienced multi-generational relationships with a single bank. As such, they are prime targets for rivals that can convince them of greener pastures.
Numerous pure-play private banks pride themselves on being safe and secure by solely focusing on wealth and asset management while avoiding investment banking activities. And they have track records to boast with many highlighting their family-owned statuses which have lasted, in some cases, for centuries.
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