HSBC to Increase It’s Wealth-Management Staff in Asia

HSBC Bank is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking.

We have  opportunity to do more and that’s to further build on Hong Kong and to materially build what we do today in Singapore,” Kevin Martin, the firm’s Asia-Pacific head of wealth management, said in an interview. “Both businesses referring to the retail and private banking units . Need to do it in concert,” he further added

HSBC steps up Hong Kong and Singapore hiring to cash. Bloomberg reports that HSBC is planning to add over 1,300 positions to its retail and private banking arms by 2022 as the bank aims to capitalize in the growing shift in high-net worth wealth in Asia. HSBC will add 700 people in the role of product specialists, relationship managers and family wealth planners with the planned hires in Hong Kong and Singapore.

The London-based bank’s plans for wealth management in Asia, which is dominated by global banks such as Citigroup Inc. and Credit Suisse Group AG, come as regional firms including DBS Group Holdings Ltd. and BOC Hong Kong (Holdings) Ltd. are also expanding

Along with the wealthy population of US and Germany, the HNWIs from Japan and China made up 61.2% of the new HNWIs globally. The report also found that Japan’s ultra-wealthy population rose 9.4% to 3.2 million with their wealth increasing 10.3% to US$7.7t, whilst Hong Kong’s ultra-rich population grew 15% to 170,440 with their wealth climbing 16.3% to US$900b.

To respond to this in private wealth, the European bank has promised to invest as much as $17billion by 2020 to expand its foothold in the region with the goal of growing revenue from Asia by at least $1billion in two years time.

“The wealth that the Chinese have already offshore is a massive piece of opportunity for us,” said Tan Siew Meng, Asia-Pacific head of global private banking at HSBC.

 

Rudresh Dubey

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