HSBC said it has become the first international bank to set up a dedicated private banking service team in western China after its private bank launched in Chengdu and Hangzhou on 11 October 2022.
At the same time, HSBC added it was “actively exploring” the potential to grow in the Southwest market, with strengthened service capabilities in the Yangtze River Delta region.
“We see huge growth potential for the wealth management market in mainland China, driven both by the economically active coastal areas and the fast-developing inland areas, which are fundamental to the long-term development of our wealth business,” said Jackie Mau, head of global private banking at HSBC in China.
“By setting up our private banking business in Chengdu and Hangzhou, we will be able to serve our local clients more closely and enhance HSBC’s wealth management footprint outside the four major cities of Beijing, Shanghai, Guangzhou and Shenzhen, adding momentum to further business growth.”
The team comprises a mixture of relationship managers and investment counsellors. It will lean heavily on HSBC’s wholesale banking business and other divisions to serve the long-term financial needs of their clients, the bank said.
In May 2022, HSBC announced plans to expand mainland China by adding about 100 staff and building a presence in Chengdu and Hangzhou.
This article first appeared on our sister publication Fund Selector Asia.
