Exclusive | HSBC targets China’s rich at home and abroad with restructured private bank, wealth business
- HSBC’s latest reorganisation is a bet big on growth in Asia, particularly in Chinese wealth held abroad
- Combined private bank, wealth business has US$1.4 trillion in assets under management
With its latest restructuring, HSBC is seeking to better tap into China’s growing wealth both at home and abroad by combining its private bank with its wealth management and retail banking businesses, according to the global head of the newly merged business.
“We want to deliver on the growth that we've been achieving, grow faster and be able to do more for our customers at a very simple level and then have a combined business that now really enabled us to compete at the top of the wealth franchise and grow and capture some market share,” Nunn told the South China Morning Post .
The combined wealth business has US$1.4 trillion in assets under management, with nearly half of those assets in Asia. Revenue from Asia in the wealth business increased by 12 per cent to US$5.7 billion last year.
