Posted inRest of APAC

HSBC opens wealth management centre in Taiwan

The bank plans to establish two more wealth management offices in 2023.

HSBC has opened a new wealth management centre in Taiwan. The flagship centre is located at the bank’s Taipei branch in the Xinyi district and serves private banking and high-net-worth clients.

The centre is equipped with an “international financial centre”, which allows clients to manage cross-border finance accounts.

“We observe that Taiwan’s wealth market has been rapidly growing in recent years,” said Linda Yip, HSBC Bank Taiwan Limited’s Head of Wealth and Personal Banking.

“Clients would be able to consult and plan their wealth management needs, such as wealth growth, children’s education, retirement and legacy planning, with their exclusive financial advisory teams in a comfortable environment.”

Apart from the Taipei centre, the banking group also plans to establish two other wealth management centres in Taoyuan and Taichung in 2023.

The three centres are going to cost around TWD100m ($3.3m), according to HSBC.

The bank added that its assets under management recorded a 22% year-over-year growth in 2021, while the number of private banking clients has recorded double-digit growth.

During the first half of 2022, HSBC Taiwan’s pre-tax profit from its wealth management and personal banking business rose by 70% compared with the same period in 2021 to $19m, according to company data.

Part of the Bonhill Group.