HSBC’s wealth and personal banking unit attracted tens of billions of dollars in invested assets, with more than half originating from Asia.

In 2023, HSBC’s Wealth and Personal Banking (WPB) unit attracted net new invested assets of $84 billion, according to the bank’s annual report. More than half – $47 billion – was sourced from Asia. The WPB business covers the full range of client segments from mass affluent to ultra-high net worth individuals.

Overall, the WPB unit’s global pre-tax profit more than doubled year-on-year to $11.5 billion in 2023. Customer revenues reached $25.4 billion including $12.8 billion from its priority markets in Asia (Hong Kong, Singapore, Malaysia, mainland China, India and Australia).

China Growth

Within mainland China, the bank expanded its onshore propositions for private banking as well as «Pinnacle» – a digital affluent wealth offering – resulting in a 53 percent year-on-year increase in invested assets. 

HSBC will look to further accelerate growth in the market via its acquisition of Citi’s retail wealth portfolio in mainland China last year. The deal includes assets under management, deposits and the associated customers.

Accounts, Customer Satisfaction

Other notable highlights from the Asia WPB business include strong contributions to customer accounts, which rose by $41 billion globally though no specific regional figures were disclosed. 

The bank also underlined improved customer satisfaction scores within its private banking unit in Asia, including in Hong Kong, Singapore, Taiwan and mainland China. 

Development Program

In terms of talent, the bank will expand its «Accelerating Wealth Program» which offers a development plan for colleagues looking to pursue a career as a relationship manager. In 2023, the program was extended to external applicants in Hong Kong as well as internal applicants in mainland China, India and Singapore. 

«Building our wealth business to meet the rising demand for wealth management services, especially in Asia, has been a strategic priority,» said HSBC group CEO Noel Quinn.