HSBC refashioned its retail banking, wealth management and global private banking businesses earlier this year. In talking about its Hong Kong wealth arm, the global group pointed to a double-digit annual percentage rise in HNW individuals in Hong Kong.
HSBC wants to expand its Hong Kong-based wealth management business, fuelled by an expected annual 12 per cent rise in the jurisdiction’s high net worth population over the coming five years, it said yesterday.
The global banking group set out its thoughts about its hopes for the wealth business after reshaping this business across all regions in February this year. It has folded its retail banking, wealth management and global private banking units to form a $1.4 trillion business, called wealth and personal banking.
In Hong Kong, HSBC manages assets of $249 billion for its “Jade” clients and customers of its private banking arm. Jade clients in Hong Kong grew by around 8 per cent until Q3, when compared with the end of 2019, the group said. HSBC Jade was launched almost two years ago to serve HNW clients.
“With more millionaires on the rise in Hong Kong, Jade offers an exciting gateway to new client relationships and to deeper engagement with our existing base as we continue to invest in innovative wealth solutions, enhance our digital capabilities, offer tailored investment insights and enable greater access to international opportunities,” Greg Hingston, regional head of wealth and personal banking, Asia-Pacific, said.
“Jade will remain pivotal to our ambitions to become a leading wealth manager in Asia, especially as we unlock the synergies across the rest of our business, particularly the private bank and commercial bank,” he said.