HSBC is looking to better tap into China’s growing wealth both at home and abroad by combining its private bank with its wealth management and retail banking businesses, according to the global head of the newly merged business.
As part of an overall restructuring, the combined business of the global lender can become a real powerhouse in the wealth space with the goal of increasing revenue by «double digits», said Charlie Nunn, the chief executive of HSBC’s new wealth and personal banking unit.
«We want to deliver on the growth that we've been achieving, grow faster and be able to do more for our customers at a very simple level and then have a combined business that now really enabled us to compete at the top of the wealth franchise and grow and capture some market share,» said Nunn, who was quoted in «South China Morning Post».
Combined Wealth Business
The combined wealth business has $1.4 trillion in assets under management, with nearly half of those assets in Asia. Revenue from Asia in the wealth business rose by 12 percent to $5.7 billion last year.
The latest strategy update, announced last month, is the third reorganization for the global lender in a decade as interim chief executive Noel Quinn attempts to lift profitability and win the top job at the bank.
