HSBC Launches Seventh Wealth Center in Mainland China
London-based HSBC has unveiled its seventh wealth management center in mainland China with plans for more within this year.
HSBC China has launched a wealth center in Hangzhou, according to a statement. This marks the seventh such center in mainland China and the sixth launch within just six months. Moving forward, the bank aims to launch similar centers in major cities including Guangzhou, Nanjing, Qingdao, and Dalian in 2025.
In total, HSBC currently has wealth centers based in Beijing, Chengdu, Ningbo, Shanghai, Shenzhen, Wuxi and, in the latest, Hangzhou. Outside of mainland China, it has also launched centers in Hong Kong, Singapore, Taiwan and Malaysia.
Dedicated Space
Compared to HSBC's traditional outlets in China, its wealth centers are four times larger at about 1,800 square meters with four times more staff. They aim to be a dedicated space for engagement between clients, relationship managers and wealth specialists.
«Mainland China's wealth management market is important to our ambition of becoming the leading international wealth manager for affluent and high net worth clients in Asia. The market has seen increasing demand for asset diversification, long-term wealth accumulation, and retirement planning solutions,» commented Kai Zhang, HSBC’s head of international wealth and premier banking.
Local Expansion
HSBC is further expanding in mainland China after its 2024 acquisition of Citi’s local retail wealth management portfolio. Aside from wealth centers, it invested 4 billion Chinese yuan ($540 million) in HyQ, a fully owned office tower in Qianhai Shenzhen that launched in January 2025. The office serves as a hub to drive growth in the Greater Bay Area, an 11-city cluster in southern China that includes Hong Kong and Macau. Today, the bank provides wealth services in over 30 major cities in China.
«We will continue to build out our wealth business by hiring more relationship managers, opening new wealth centers, investing in digitalization, and expanding our range of wealth offerings in mainland China and other high-growth markets across the region,» Zhang added.
