HSBC spotlighted its optimism in China and the key role that the country plays in its wealth management vision during a recent summit in the mainland.
HSBC’s wealth management business is on an expansion drive in Asia following a 2021 announcement to invest $3.5 billion and add 5,000 staff. And within the region, mainland China is a key market where the bank said in November 2022 that it hired 1,300 wealth managers – the halfway mark for its medium-term hiring target of 3,000.
«Wealth management is an area where HSBC is investing, especially in Asia, and China is at the heart of our vision for global wealth management,» said wealth and personal banking CEO Nuno Matos at the bank’s recent «China Investor Wealth Summit» in Beijing.
Government Vision
According to Matos, wealth management plays a socioeconomic role, in addition to a financial one, to support the youth to build careers and start families as well retirement for the elderly.
«It is important to state that wealth management is about more than just individuals. It’s about the health of society and the economy more generally, and plays a vital role in supporting the Chinese government’s vision for the future,» he said.
Growth Outlook
HSBC’s optimism in China extends beyond the wealth business to economic growth, forecasting 5.6 percent GDP increase in 2023, compared to the government estimate of about 5 percent.
«The combination of growing prosperity and the continuing process of ‘opening up’ the financial and capital markets, including initiatives like Qualified Foreign Investor and ‘Connect’ schemes, all underline why China is such a significant wealth market,» Matos added.
«These present massive opportunities for global wealth managers to serve a diverse range of wealth, savings, protection, retirement and wealth transfer needs.»
