HSBC has reportedly opened a new institutional family office in Hong Kong and Singapore to offer super-rich customers in Asia access to full range of investment banking products.

The move comes as the British lender, which makes a sizeable profit from Asia, looks to establish its prominence in the wealth management space by capitalising on the growing affluence in the region.

The new unit will offer ultra-rich customers access to a range of financing and investment products, deal making and institutional market access, Bloomberg reported.

As part of its expansion plans in Asia, the bank is investing $3.5bn and recruiting at least 5,000 additional wealth advisers to grow its business in the region in the next three to five years.

HSBC Private Banking Asia-Pacific regional head Siew Tan has been quoted by Bloomberg as saying in a statement: “We are seeing greater interest from Asian clients who are setting up and expanding family offices, to adopt institutional approaches to build continuity, diversification and resilience in their investment portfolios.”

HSBC, which has been grappling with low interest rates in the last few years, is seeking to bolster its profitability with more fee-based income.

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HSBC is also said to be considering acquisition opportunities in Asia as its first quarter earnings beat expectations.

The bank reported a profit after tax of $4.6bn, which was $2.1bn or 82% higher than the year ago quarter. Its profit before tax of $5.8bn was $2.6bn or 79% higher.

In February this year, HSBC revealed plans to establish itself as a wealth management leader with focus on high-growth markets in Asia after its full-year pre-tax profit plummeted 34%.