The new offering will serve high net worth and ultra-HNW clients in mainland China.

HSBC has launched global private banking in Shenzhen, part of the UK/Hong Kong-listed group's plan to expand in the Greater Bay Area.

The new offering will serve high net worth and ultra-HNW clients in mainland China.

Including Shenzhen, HSBC’s global private banking business’ covers four mainland cities including Beijing, Shanghai and Guangzhou. 

The private bank will also partner with the Shenzhen-based HSBC Qianhai Securities business to offer more tailored and diversified securities and asset management solutions under its respective business scope for HNW/UHNW clients and family offices, the banking group said in a statement on Friday.

"Vibrant entrepreneurialism and innovation are fuelling wealth creation across key centres in mainland China, including Shenzhen, where the number of households with net assets of more than 10 million yuan is increasing at a faster rate than any other GBA city,” Jackie Mau, head of global private banking for mainland China at HSBC, said. “Over the next three years, we will be bringing the best of HSBC with more bespoke solutions for clients across GBA mainland cities, enhancing our digital platforms and servicing our clients with a private banking team that is triple our size today.”

The private bank manages $423 billion client assets globally. In 2021, HSBC announced its plans to invest more than $3.5 billion and hire 5,000 personnel to fill wealth management roles.