The private banking arm of HSBC said the new office will complement and enhance its retail, commercial and investment banking businesses.

HSBC Private Bank plans to open a new office in Australia as it seeks to bolster its presence in the Asia-Pacific region.

Australia has the third-largest population of HNW individuals in APAC, with approximately 29,500 Australian households having a net worth of more than A$10 million ($7.5 million), according to data from Capgemini's latest World Wealth Report and the Australian Bureau of Statistics. 

Once the office is up and running, the firm will offer private banking services to Australian-domiciled clients, including high net worth individuals and family offices with investable assets of more than A$10 million.

HSBC's announcement comes hot on the heels of other moves by the bank to drive business in the APAC region.

Earlier this month, HSBC's private banking arm logged a pre-tax profit of £151 million in the third quarter of 2016, up from $81 million a year earlier, and late last month it appointed Johnny Liu as managing director and regional head of its APAC global solutions group.

HSBC also joined forces with the Hong Kong Applied Science and Technology Research Institute at the beginning of November to launch an innovation laboratory in a bid to drive financial technology.

Private banking clients in the APAC region will have access to investment services, including discretionary investment management, equities, fixed income, structured products and derivatives.

Australian clients will also be able to leverage global capabilities through HSBC Private Bank's offices in Hong Kong and Singapore, the bank said.

Additionally, the private banking team in Australia will collaborate with HSBC's wealth management and retail banking arms, as well as global and commercial banking businesses, to assist owners and principals of Australian companies with their private wealth needs.

“HSBC has achieved significant growth in Australia over the past five years; and private banking is a natural step to continue building our business and meeting our customers’ needs,” said Tony Cripps, chief executive of HSBC Australia. 

He added: “Australia is a priority growth market for HSBC, and having a private bank office here will complement and enhance our existing retail, commercial and investment banking businesses.

“We anticipate significant growth from being able to offer a comprehensive private banking experience to both new and existing customers."