Reports

HSBC's Revamped Wealth Arm Aims High In Asia - Report

Editorial Staff, 22 May 2020

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Earlier this year HSBC folded its retail banking and wealth management and global private banking units into a new structure, part of a wider adjustment to its business to boost profits and reduce risk exposures.

HSBC intends to chalk up double-digit percentage asset growth in its recently restructured wealth management business in the Asia-Pacific business over the next three years, according to a senior executive reporting to Reuters

The Hong Kong/London-listed banking group plans to sharpen its focus on clients with investable assets of over $1 million, Greg Hingston, regional head of wealth and personal banking business, said in an interview. WealthBriefingAsia has contacted the bank for comment, and may update in due course.

In February, HSBC said that it was folding its retail banking, wealth management and global private banking units to form a $1.4 trillion business, called wealth and personal banking. The bank also wants to slash costs and reduce risks, although progress towards its goals has been hit by the virus pandemic. 

"With the combination [of the wealth and other buinesses], there is a big, big focus on family offices going forward. And it all fits within that focus around increasing penetration into the high and ultra-high networth segments," Hingston was quoted as saying.

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