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April 22, 2022

HSBC to target ultra-wealthy Chinese with new branch in Shenzhen

British banking giant HSBC has further bolstered its private banking business in China by launching a new branch in the country’s southern tech hub, Shenzhen.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The move is part of the bank’s strategy to bolster presence in the Greater Bay Area (GBA), a cluster of 11 cities including Hong Kong and Macau.

The bank will target ultra-rich people in the region through a dedicated team of relationship managers and investment counselors.

HSBC head of global private banking for mainland China Jackie Mau said: “Vibrant entrepreneurialism and innovation are fuelling wealth creation across key centers in mainland China, including Shenzhen, where the number of households with net assets of more than CNY10m is increasing at a faster rate than any other GBA city”

Following the launch of private banking branch in Shenzhen, HSBC has presence in four mainland Chinese cities including Beijing, Shanghai, and Guangzhou.

Furthermore, to deliver enhanced securities and asset management services for rich clients and family offices, HSBC has joined forces with HSBC Qianhai Securities, which is based in Shenzhen.

In a separate development, HSBC slashed the threshold of its private banking service in Taiwan from $5m to $2m to garner more clients in the country’s competitive wealth management market, reported Taipei Times.

To strengthen its presence in China and the broader Asia region, HSBC recently increased its ownership stake in its Chinese securities joint venture (JV) to 90% and also launched metaverse portfolio.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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