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.

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.

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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.