Hang Seng Bank plans to grow its wealth management business in Hong Kong by about 50 per cent in the next three years as it sets its sights on attracting rich clients from the mainland.
Nixon Chan Lik-sang, head of the bank's retail banking and wealth management, yesterday urged his staff to focus on increasing the number of customers, including new immigrants and frequent visitors from the mainland.
More than half of Hong Kong's seven-million-plus population already have accounts with Hang Seng Bank, making those who come from the mainland an increasingly important target group, Chan said.
'It's like a half-filled glass of water. You can be satisfied that you have half a glass but you may also think, what about the other half, and how do I fill it?'
With the economy growing fast, rich mainlanders have been coming to Hong Kong more often for shopping or holiday, opening up new opportunities for local companies.
Some banks have already launched new marketing campaigns in the past few months to attract mainland clients, in particular those who want to open offshore accounts in Hong Kong to access many more investment choices than are available on the mainland.