HSBC intends to concentrate on growing its wealth clientele in Hong Kong by utilising its distinct location in the area to cater to foreign customers.

Tony Leung Chiu-wai, a well-known actor, has been chosen as the Hong Kong ambassador for its new wealth programme, "Wealth. Growing at every stage."

With an estimated 80 million more middle-class and affluent people expected to live in Mainland China by 2030, the bank sees a big opportunity to assist these clients in climbing the financial ladder. Presently, HSBC Hong Kong provides services to more than five million individual clients in Hong Kong.

The strengths of HSBC's Retail, Wealth, Private Banking, Insurance, and Asset Management businesses were combined to form one of the most significant wealth managers in the world when it launched its Wealth and Personal Banking division in 2020.

Through this integration, HSBC's worldwide private banking division, retail banking division, and wealth management section may operate together and take advantage of each other's business networks and skills. Across the wealth continuum, HSBC assists clients with their investing journeys.

In recent years, HSBC Global Private Banking (GPB) has experienced tremendous expansion in its Hong Kong customer base, effectively moving numerous clients from retail to GPB. This transition has given them access to a broader selection of products and services on a global scale, as well as tailored wealth and multi-generational planning.

MENA, the Americas, Asia, and EMEA are the four regions that HSBC Global Private Bank serves clients in. With more than 650 specialists worldwide, HSBC GPB links customers to international prospects.

HSBC's specialist team provides personalised wealth management services using local professionals and global insights, advising clients on wealth and succession planning, governance, family offices, trusts, and charity. Individuals, families, and enterprises can access 60 markets through the bank's global network, which is managed by its private, commercial, and global banking departments.

On a portfolio level, the bank has also seen a large rise in wallet share among relationships transitioned from retail to GPB, as measured 12 months after the transfer. This transition has resulted in a significant increase in the adoption of private bank-only solutions.

Moreover, HSBC is investing in novel wealth solutions, improving digital capabilities, and providing specific investment information to clients. The bank has revised its Premier offer for affluent customers in Hong Kong and intends to relaunch the HSBC One offer for mass-market clients.

Maggie Ng, general manager of wealth and personal banking, Hong Kong HSBC stated: “HSBC aims to take care of our customers and facilitate their wealth progression throughout their growth journey. Our full continuum banking solutions allow us to serve all range of customers and our global footprint, strong balance sheet, and exceptional wealth solutions are particularly appealing to our affluent to ultra-high-net-worth customers. I am very pleased to unveil the HSBC unique continuum propositions to our domestic and international customers.”

"HSBC launches wealth programme in Hong Kong" was originally created and published by Private Banker International, a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.