HSBC has announced plans to open an office in Australia and expand its private banking presence in Asia-Pacific. In Australia, HSBC will offer private banking services to Australian resident clients, including High Net Worth Individuals and family offices, with investable assets over A$10m (USD7.5m).

According to Capgemini’s World Wealth Report, Australia has the third largest population of HNWIs in Asia Pacific with around 29,500 Australian households that have a net worth of over A$10 million (USD7.5 mn).

Australian resident clients who are new to the Private Bank in Australia will be able to leverage the global presence and capabilities available through HSBC Private Bank’s offices in Hong Kong or Singapore. The private banking team in Australia will collaborate with HSBC’s Retail Banking and Wealth Management, Global Banking and Markets, and Commercial Banking businesses.

Australian resident private banking clients will have access to investment services, including discretionary investment management, equities, fixed income, structured products and derivatives; as well as banking and lending services, such as deposit accounts, foreign exchange and online transactional banking.

The private banking business in Australia will be led by Hayden Matthews as Head of Private Banking, HSBC Bank (Australia) Limited. Based in Sydney, Mr. Matthews will be responsible for growing the private banking business from Australia, and will work closely our private banking teams in Hong Kong and Singapore. He brings more than 18 years of private banking experience to the role.