HSBC China has launched its Hangzhou wealth centre, which will be the hub for its wealth management business in the city and its local region.
It also intends to open wealth centres in Guangzhou, Nanjing, Qingdao, and Dalian this year, according to a statement by the bank.
“Mainland China’s wealth management market is important to our ambition of becoming the leading international wealth manager for affluent and high net worth clients in Asia,” said Kai Zhang, head of HSBC Asia international wealth and premier banking, in the statement.
HSBC China already has wealth centres in in Beijing, Chengdu, Ningbo, Shanghai, Shenzhen, and Wuxi. They have an average size of about 1,800 square meters, which HSBC said is four times the size of standard HSBC China outlets, and with four times more staff.
As part of its expansion, last year HSBC bought Citigroup’s retail wealth management portfolio in mainland China.
