HSBC Bank Taiwan has set up a new wealth management centre in Taipei to expand its wealth management business amid a spike in interest rates, reported Taipei Times.

The bank has injected around TWD100m ($3.3m) to develop the centre.

It also plans to establish new wealth management centres in Taichung and Taoyuan next year.

HSBC wealth and personal banking chief executive Nuno Matos was quoted by the publication as saying at a press conference in Taipei: “We are fully committed to Taiwan, as it is an important market in Asia and we aim to be the leading wealth management bank.”

Matos added: “Taiwan’s high-net-worth customers make up about 10% of Taiwan’s population.”

He also stated that the bank’s wealth management clients in Asia witnessed a twofold year-on-year growth last year, while HSBC Taiwan’s high-net-worth customers also increased 40% and its assets under management saw a 22% surge compared to the previous year.

HSBC Taiwan’s pre-tax profit from wealth management and personal banking business rose by 70% per annum in the first half of 2022, according to company data.

The bank continued to maintain positive growth amid a greater market share with the delivery of inclusive products and tailor-made services, added Matos.

He further noted that the adoption of milder increase in interest rate by Taiwan’s central bank than those of its global counterparts has slightly affected the markets in terms of monetary constriction.

In November this year, HSBC Global Private Banking announced the launch of its discretionary digital platform in Asia.