The Bank of East Asia (BEA) has launched a new wealth management service, targeting the “premium affluent client” segment or individuals who have at least HK$5m ($640,000) in assets, according to a statement from the firm.
Before the service was launched, the firm already catered to the affluent segment via its “Supremegold” service that was launched in 2002, which requires clients to have an AUM threshold of HK$500,000, according to a spokesperson of the firm. He also noted that the bank already has private banking services for high net-worth individuals with an AUM threshold of HK$8m.
The new service, “Supremegold Private”, enables clients to access BEA’s global banking services where it has a presence, including the UK, Singapore, Macau and mainland China. For example, Hong Kong-based Supremegold private customers can open a BEA UK account, which enables them to access the bank’s buy-to-let mortgage services for customers seeking to invest in properties in the UK.
The service will provide clients with customised wealth management services, including strategic financial plans and wealth management products for experienced investors, including bonds, stock call options and other structured financial products.
Clients will also have their own relationship manager, a dedicated team of consultants and a private concierge, according to the firm’s website. The bank also launched a “stylish” Supremegold Private centre in Central, where relationship managers can hold meetings with clients.
“In recent years, we have witnessed the steady growth in the premium affluent segment,” Adrian Li, co-CEO of BEA, said in the statement.
“These customers have high requirements for both lifestyle and financial assets, and their investment portfolios are more diversified and globalised,” he added.
BEA noted that it conducted a survey of 150 local Hong Kong residents with assets of at least HK$5m to better understand their wealth management needs. The survey results revealed that 67% are looking for overseas banking support and 80% have an interest in purchasing overseas properties in the next 12 months.
Meanwhile, 69% want enhanced wealth protection and health insurance for themselves and their family and 72% increased their usage of online and mobile banking services during Covid-19, according to the statement.
