New Office
HSBC Unveils Another Mainland China Wealth Centre
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HSBC has been building a network of these centres in the country. In 2024, it also completed its acquisition of the retail wealth portfolio of Citigroup in China, among other moves.
HSBC in China has unveiled its Hangzhou wealth centre, the sixth that the Hong Kong/UK-listed group has launched on the mainland in the past six months.
The lender intends to establish similar centres in major cities this year, including Guangzhou, Nanjing, Qingdao, and Dalian, it said in a statement.
HSBC China has already launched wealth centres in major cities, including Beijing, Chengdu, Ningbo, Shanghai, Shenzhen and Wuxi.
Such openings form part of a broader drive by HSBC to build its mainland presence, including in the wealth and wider banking areas. In 2024, HSBC China acquired Citigroup’s retail wealth management portfolio in mainland China. In addition, the bank has invested over RMB4 billion ($547 million) in HyQ, its first fully owned office tower in Qianhai Shenzhen, launched in January 2025.
These centres have an average size of about 1,800 square meters, which HSBC said is four times the size of HSBC China’s traditional outlets, and with four times more staff.
Over recent months, HSBC has launched wealth centres in Hong Kong, Singapore, Taiwan and Malaysia.
“We will continue to build out our wealth business by hiring more relationship managers, opening new wealth centres, investing in digitalisation, and expanding our range of wealth offerings in mainland China and other high-growth markets across the region,” Kai Zhang (main picture), head of international wealth and premier banking, said.
“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. These dynamics create exciting opportunities for domestic and international institutions to collaborate and drive industry development.”
