Posted inBusiness moves

HSBC opens private banking business in Shenzhen

It extends its wealth footprint in the Greater Bay Area where it plans to grow its private banking teams over the next three years.

HSBC Bank (China) today launched its global private banking business in Shenzhen, expanding its wealth management operations in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).

It intends to offer a comprehensive range of bespoke wealth services to meet the needs of high-net-worth (HNW) and ultra-high net worth (UHNW) clients in mainland China, HSBC said in a statement.

Including Shenzhen, HSBC’s Global Private Banking business’ presence now covers four mainland cities including Beijing, Shanghai and Guangzhou. A team of relationship managers and investment advisers is now in place to serve clients across all areas in GBA through branches in Shenzhen and Guangzhou.

In addition, HSBC China’s global private banking will partner with the Shenzhen-based HSBC Qianhai Securities, to offer more tailored securities and asset management services for wealthy clients and family offices.

“Vibrant entrepreneurialism and innovation are fuelling wealth creation across key centres in mainland China, including Shenzhen, where the number of households with net assets of more than RMB10m ($1.55m) is increasing at a faster rate than any other GBA city,” said Jackie Mau, head of global private banking for mainland China at HSBC

“Over the next three years, we will be bringing the best of HSBC with more bespoke solutions for clients across GBA mainland cities, enhancing our digital platforms and servicing our clients with a private banking team that is triple our size today,” he added.

HSBC global private banking manages $423bn client assets globally, and is part of HSBC’s wealth and personal banking business, which has $1.7trn in wealth balances. In 2021, HSBC said it plans to invest $3.5bn and hire 5,000 wealth roles to accelerate the growth of its wealth business in Asia.

Part of the Mark Allen Group.