HSBC has opened two new private banking branches in Chengdu and Hangzhou, China. Credit: Hanny Naibaho on Unsplash.

HSBC Global Private Banking has opened two new branches in Chengdu and Hangzhou to expand its presence in western China.

Both the offices, which will cater to wealthy individuals, have been opened as part of the bank’s strategy to improve its local service offerings in mainland China.

Opening of the new offices has made HSBC the first international bank to establish a dedicated private banking services team in western China, stated the bank.

HSBC China head of global private banking Jackie Mau said: “As the provincial capital of Sichuan, Chengdu is an important central city and international gateway hub in Western China.

“The accumulation of personal wealth in the city has driven robust demand for diversified asset allocation and international wealth management.”

The new branches will be operated by a team of relationship managers and investment advisors.

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The team will leverage HSBC’s wholesale banking business and other units to help their clients meet their long-term financial goals.

Mau added: “We see huge growth potential for the wealth management market in mainland China, driven both by the economically active coastal areas and the fast-developing inland areas, which are fundamental to the long-term development of our wealth business.”

In May this year, HSBC revealed a plan to enhance its private banking business in mainland China with the addition of 100 new staff.

In a separate development, HSBC has selected Deutsche Börse’s post-trading service unit Clearstream to offer third-party fund processing and distribution support solutions.

As part of the move, HSBC’s Markets & Securities Services will be able to centralise its fund processing and distribution support services using Clearstream solutions.