British banking group HSBC is set to build a new team to target UHNWs in Asia, reported Bloomberg.

The move is said to be part of the lender’s broader strategy to make 700 hires in the Asian private banking space.

The team will tend to customers, who have assets of at least $30m, Asia Pacific head of global private banking Tan Siew Meng was quoted as saying by Bloomberg.

According to the report, the bank has already appointed Gabriel Tam and Erik Bergqvist to the team.

A former Bank of America banker, Tam will serve as Asia head of UHNW solutions at HSBC.

Bergqvist, who earlier worked for Julius Baer, will become head of UHNW segment management at HSBC.

Other details related to the new team were not divulged.

“If we’re going to be able to achieve the ambitious growth plans that we’ve got, clearly we need to be able to address the ultra-high net worth segment very well,” Tan was quoted as saying.

HSBC’s recent growth initiatives in Asia

Asia has been the bank’s focus under CEO John Flint.

Last June, Flint unveiled plans to invest up to $17bn by 2020 to strengthen the bank’s presence in Asia.

In May 2018, HSBC launched the US-Asia Corridor team. The team includes wealth managers with personal ties to Asian culture.

Earlier this year, HSBC Private Banking made three senior hires for Southeast Asia.

The newly appointed bankers are James Cheo, Rowan Tan and Ishan Sarkar.