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HSBC hopes to double profit from rich Hong Kong customers in five years by tapping Wealth Management Connect scheme
- An HSBC survey found 82 per cent of respondents were interested in the upcoming cross-border investment channel
- The bank will double its headcount in the wealth management business over the next five year, adding 400 new staff this year
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HSBC believes the upcoming Wealth Management Connect scheme will help it double its profit from high net-worth customers in Hong Kong over the next five years, according to a senior executive.
The largest of the three note-issuing banks in Hong Kong will double its headcount in the wealth management business in the same period, adding 400 new staff this year.
Hong Kong’s Financial Secretary, Paul Chan Mo-po, said earlier this month that the scheme “will be rolled out very soon”.
The Wealth Management Connect initiative will allow Hong Kong and Macau residents to buy mainland Chinese investment products sold by banks in the Greater Bay Area. Likewise, residents of the nine Guangdong cities in the bay area will also be allowed to buy investment products sold by banks in Hong Kong and Macau.
“We are in full swing to prepare for the imminent debut of the Wealth Management Connect, including building up our manpower, IT system, products and services,” said Maggie Ng, head of wealth and personal banking for Hong Kong at HSBC, in a recent online briefing.
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