Hang Seng Bank Pushes Further Into Cross-Border Wealth Sector

Editorial Staff

17 August 2023

and its wholly owned subsidiary, Hang Seng Bank (China), have opened two more cross-border wealth management centres.

The new centres are in Tsim Sha Tsui and Shenzhen, the group said in a statement this week. They add to existing centres in Sheung Shui, Central and Kowloon Tong in Hong Kong, and Guangzhou in the mainland.

Services include providing information on investment, including the Wealth Management Connect scheme launched in September 2021, mortgages, and foreign exchange. Wealth management professionals can make appointments for clients wishing to open cross-boundary WMC investment accounts.

Hang Seng will introduce more cross-boundary banking services in the next few months, it said. Mainland residents will be able to visit Hang Seng branches in Hong Kong and open a new account through the Hang Seng Personal Banking Mobile App.

Customers can also register for Hang Seng Personal Mobile Banking services when visiting the centres.

“We saw unleashed pent-up demand for cross-boundary wealth management services since the resumption of travel between Hong Kong and the mainland earlier this year,” Rannie Lee, head of wealth and personal banking at Hang Seng, said. “Our number of new account openings by non-Hong Kong residents increased by about 350 per cent during the first six months of 2023 compared with the same period last year.”