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HSBC to invest 3.5 bln USD to advance wealth business in Asia

February 26, 2021


Abstract : HSBC plans to invest over 3.5 billion U.S. dollars in the next five years to accelerate the growth of its wealth and personal banking business in Asia in a bid to become a leading wealth management institution in the region, reported the Xinhua-run cnstock.com on Thursday.

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Customers are seen outside an HSBC bank in central London, Britain, Aug. 4, 2020. (Photo by Ray Tang/Xinhua)

BEIJING, Feb. 26 (Xinhua) -- HSBC plans to invest over 3.5 billion U.S. dollars in the next five years to accelerate the growth of its wealth and personal banking business in Asia in a bid to become a leading wealth management institution in the region, reported the Xinhua-run cnstock.com on Thursday. 

Nuno Matos, chief executive of Wealth and Personal Banking, noted that the new investment will allow the London-based bank to grow assets under management in Asia faster than the market and increase the contribution of wealth management to the total wealth and personal banking revenues. 

HSBC plans to hire more than 5,000 wealth planners over the next five years to provide great support for its clients. 

In addition, HSBC will continue to invest in Hong Kong on a large scale. Meanwhile, it is expected to launch a wealth management connect scheme in the Guangdong-Hong Kong-Macao Greater Bay Area with an aim to seize the opportunity to help its high-net-worth clients access more diversified wealth management choices. 

There lies enormous potential in the wealth management business in Asia, noted Greg Hingston, Asia Pacific head of Wealth and Personal Banking HSBC. (Edited by Zhang Yuan with Xinhua Silk Road, zhangyuan11@xinhua.org)

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