HSBC Wants Brighter Focus On Family Offices' Services – Report

Editorial Staff 13 March 2024

HSBC Wants Brighter Focus On Family Offices' Services – Report

A senior figure at the bank, who was appointed last autumn, has discussed its goal of attracting more UHW clients in Hong Kong. The city has seen its fortunes wax and wane in recent years, partly as a result of the pandemic. It has unveiled new incentives under the Capital Investment Entrant Scheme.

HSBC plans to increase the visibility of its family office and digital banking services to attract ultra-high net worth clients to its private banking unit, one of its senior executives is quoted as saying. 

“We have seen a strong growth in ultra-high net worth customers in the Asia-Pacific region, particularly in mainland China, India, Indonesia, the Philippines and Australia in recent years, who demand wealth management services,” Lok Yim, head of HSBC global private banking in Asia-Pacific, told the South China Morning Post. Yim was appointed in September, 2023. 

The London/Hong Kong-listed bank will offer a suite of digital solutions to support relationship managers so that they can provide a better service to their tech-savvy customers around the clock, he is quoted as saying. The bank will also provide investment and wealth planning services for wealthy families and individuals to set up family offices in Hong Kong.

“Many ultra-high net worth individuals and families in mainland China, Asia and the Middle East have been showing strong interest in setting up family offices in Hong Kong after the government offered a wide range of incentives and promotions to entice them,” Yim was quoted as saying.

The government launched the Capital Investment Entrant Scheme on 1 March, offering a faster route to residency for people who invest at least HK$30 million (US$3.84 million) in stocks, bonds or other assets, excluding residential property. Hong Kong is competing against rival centres such as Singapore and Dubai for this kind of market.

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