HSBC is preparing to relaunch its Premier wealth management brand in the UK, targeting those with between £100,000 and £2m ($2.5m).
This is according to Reuters which spoke to Jose Carvalho, HSBC UK’s head of wealth and personal banking. He told the publication that Premier will offer 24-hour customer service, financial planning tools and various benefits.
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In addition, the bank is set to open a flagship wealth centre in London next year.
Currently, HSBC is looking for hundreds of bankers to serve HNWIs as it seeks a larger share of the UK wealth management sector.
HSBC Holdings is set to undergo a massive restructure into four businesses to accelerate delivery against its strategic priorities.
From 1 January 2025, HSBC will operate under these arms; Hong Kong, UK, corporate and institutional banking, and international wealth and premier banking.
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By GlobalDataAccording to the company, these changes will reduce the duplication of processes and decision making held within the current structure.
International wealth and premier banking will bring together the premier banking focussed businesses outside of the UK and Hong Kong, the global private bank, the wealth manufacturing businesses, asset management, and insurance. It will be led by Barry O’Byrne.
The new UK arm will comprise UK “Personal Banking” (including First Direct and M&S Bank) and UK “Commercial Banking,” including Innovation Banking and will be led by Ian Stuart.
The bank also intends to concentrate on growing its wealth clientele in Hong Kong by utilising its distinct location in the area to cater to foreign customers.
