HSBC Trumpets Private Banking, Premier Service Enhancements

Editorial Staff

12 July 2024

HSBC’s business in China is expanding private banking services in the mainland. The private bank intends to hire almost 100 staff, including relationship managers and investment counsellors, by end of this year.

The lender said in a statement yesterday that it will grow its private banking presence to Hangzhou and Chengdu in the second half of this year, and will extend its footprint to more cities in the “next few years,” in addition to its presence in Beijing, Shanghai, Guangzhou and Shenzhen.

The Hong Kong/London-listed bank said it also intends to hire more than 300 staff by the end of this year to “provide more customised service” to its Premier clients. (HSBC Premier is the group's premium financial services product.)

“As the new growth engine of HSBC’s wealth business in mainland China, Global Private Banking will create a variety of products and establish pioneering digital platforms to accelerate the upgrade of local service capabilities,” HSBC said. It did not elaborate on what those offerings might be. WealthBriefingAsia has sought details and may update in due course.

The bank said household wealth in mainland China is due to grow by around 8.5 per cent annually from 2021 to 2025 with household investable assets topping RMB300 trillion in 2025, driven by the rising number of HNW individuals and families, and the expansion of the middle-income segment to more than 500 million people.

“This expansion in mainland China is built upon our longstanding commitment and relationships across the market and region. It also reflects the role we have to play in serving a rapidly growing market, where we see increasing demand for holistic advisory services from private banking clients,” Annabel Spring, chief executive, global private banking and wealth, said.

HSBC Premier
The bank has “enhanced” its Premier proposition with “elevated wealth solutions,” global banking services and a full suite of lifestyle and healthcare privileges, although it did not elaborate on details.

HSBC China has also launched HSBC Premier Elite to enable priority Premier clients to enjoy dedicated and personalised services.