The bank noted that Australia has the third largest population of HNWIs in Asia-Pacific, with about 29,500 local residents with a net worth of A$10m or above. The number of HNWIs in the country is expected to grow 17.8% by 2020, according to a report from WealthInsight cited by HSBC.
“Australia is a priority growth market for HSBC,” Tony Cripps, CEO of HSBC Australia said in a statement. He added that the goal is enlist both new and existing customers.
“HSBC has achieved significant growth in Australia over the past five years; and private banking is a natural step to continue building our business and meeting our customers’ needs,” Cripps said.
The bank aims to “appeal to an increasingly sophisticated investor base who want to diversify their portfolios, tap into international connectivity and access a broader range of products and services,” Bernard Rennell, Asia-Pacific head of global private banking, added.
Hayden Matthews will be leading the private banking team based in Sydney. The team will “support the owners and principals of Australian businesses with their private wealth needs and facilitate introductions to relationship managers in Hong Kong or Singapore”, the bank said.
Matthews joined HSBC in 2014, after serving on the private banking teams of JP Morgan and Deutsche Bank.
The bank so far has private banking business in China, Hong Kong, Singapore, Taiwan and the Philippines, targeting clients with $5m or more investable assets, according to its website.
Deutsche Bank shut its private banking office in Australia and referred its clients to the Singapore office in September, according to report from The Australian.
