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Banking & finance
BusinessBanking & Finance

HSBC sets up new wealth and insurance centre as one-stop shop to capture affluent Greater Bay Area clients

  • HSBC is among 19 local lenders approved to conduct the Wealth Management Scheme to sell products to both mainland and Hong Kong investors
  • Insurers Manulife and Bowtie are also expanding to capture regional wealth growth

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The expansion is the latest move by HSBC to boost its wealth management services in the Greater Bay Area. Photo: Xinhua
Enoch Yiu
HSBC, the largest lender in Hong Kong and Europe, has opened its first centre that combines wealth management, insurance and medical check-up services into a one-stop shop, as part of its broader effort to capture more ultra-wealthy customers in Hong Kong and the Greater Bay Area (GBA).

The 10,000 square feet-plus centre is located at K11 Aterlier Victoria Dockside in Tsim Sha Tsui, and will serve HSBC customers with investible assets over US$1 million, the bank said on Wednesday. It plans to open two more centres with a similar concept next year, one on Hong Kong Island and another in a GBA city, said Edward Moncreiffe, chief executive of HSBC Life in Hong Kong.

“The new HSBC centre can meet the demand of our high-net-worth customers who want to have a one-stop shop to manage their health and well-being and support them in their wealth creation journeys,” said Moncreiffe, adding that customers want to access these kinds of services in one place.

Edward Moncreiffe(L), chief executive of HSBC Life in Hong Kong and Maggie Ng(R), head of wealth and personal banking for HSBC Hong Kong met the media at the new HSBC centre at K11 Aterlier Victoria Dockside in Tsim Sha Tsui, which open on October 27, 2021. Photo: Enoch Yiu
Edward Moncreiffe(L), chief executive of HSBC Life in Hong Kong and Maggie Ng(R), head of wealth and personal banking for HSBC Hong Kong met the media at the new HSBC centre at K11 Aterlier Victoria Dockside in Tsim Sha Tsui, which open on October 27, 2021. Photo: Enoch Yiu

HSBC Life offers health insurance coverage of up to HK$40 million per year and individual life risk policies of up to US$100 million per person, among the highest in the city. Many customers also want medical check-ups and illness prevention programs, said Moncreiffe, and the new centres will have doctors on site.

The expansion is the latest move by HSBC to boost its wealth management services. The bank’s third quarter earnings report on Monday showed that its private banking business in Asia Pacific contributed almost 80 per cent of global new money intake.

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