The British-based bank indicates that Asian clients of Credit Suisse ostensibly shifted their assets in-house.
London-based HSBC is said to have received inflows of new money from Credit Suisse’s clients in Asia following the Swiss bank’s takeover by UBS, according to a «Bloomberg» news report.
In the first quarter of 2023, HSBC attracted $22 billion in net new money from global clients, with almost two-thirds of it from Asia, global head of wealth and personal banking Nuno Matos told the news service.
Recruiting Talent
Despite that, inflows from Credit Suisse clients may not be a major driver for HSBC growth in the future, he maintained, as the bank has also been recruiting talent in support of the expansion of its wealth management business
«We attract individuals from many competitors and obviously from Credit Suisse, but we are not targeting specifically any competitors for hiring,» Matos said.
China Growth
HSBC expects to see strong growth in China following President Xi Jinping’s common prosperity policy that may boost the generation of wealth.
The bank is also seeing strong gains in Hong Kong, which is predicted to overtake Switzerland as the world’s largest offshore hub by 2026, according to a recent study by global consultancy Boston Consulting Group.
