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December 11, 2020

BOCHK debuts premium private wealth service for HNW customerss

By Amala Johney

Bank of China (Hong Kong) has rolled out a premium Private Wealth service to offer personalised wealth management solutions to its HNW customers having net asset value of over HK$8m.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The new service will cater to the wealth management requirements of the customers by providing them with various services through an exclusive team of wealth management experts, the bank said.

These include services in investment, wealth management, legacy planning, cross-border property purchase as well as luxury lifestyle benefits.

According to BOCHK Personal Banking and Wealth Management Department general manager Stephen Chan, the high-end customer base of the bank has been growing steadily in recent years.

The number of customers with a net asset value of over HK$8m grows over 10% on an annual basis, he noted.

BOCHK Private Wealth customers will be able to avail customised asset allocation solutions including investment, insurance, equities, cross-border wealth management, and mortgage, among other things.

Furthermore, the bank intends to tap its advantages in cross-border business to address customers’ requirements for travelling, property purchase and investment. It will offer them a suite of cross-border investment and property purchase services, such as cross-border mortgage consultation services and Greater Bay Area financing solutions.

Chan added: “With the launch of brand new premium Private Wealth service, BOCHK is dedicated to serving high-end customers with comprehensive investment and insurance product offerings, including private banking-grade investment solutions, liquidity management tools and exclusive life insurance offerings. Combined with our luxury lifestyle solutions, we strive to help customers grow their wealth and preserve their legacy.”

As part of its Private Wealth service, BOCHK plans to roll out RM Chat, which will allow customers to communicate with its service team through mobile banking.

The facility will enable designated relationship managers to quickly follow up customers’ transaction requests.

Additionally, BOCHK’s Private Wealth Centre will provide customers with signature tea blends, aromatherapy, music, décor and other personalised services.

Earlier this month, Hong Kong’s Hang Seng Bank introduced new signature wealth management services for HNW customers.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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