News 12 september — 13:07

HSBC to bolster Asia private banking headcount,

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 HSBC Holdings Plc <HSBA.L> aims to increase its Asia private banking headcount by two-thirds in five years and double client assets in eight as it eyes a bigger share of the business in the world's fastest-growing wealth market, top executives said, Euronews reports.

The lender's private banking expansion plan in Asia, which accounted for 75 percent of group-level profit last year, comes as the unit that caters to the rich is focusing once more on growth after years of painful restructuring.

"Asia is the key driver for future profitability in the private bank ... it's been the driver for growth even through the difficult times and it's always remained profitable," Peter Boyles, CEO of HSBC's global private banking business, told Reuters.

HSBC's Asia private bank will add 700 people by 2022 from a headcount of 1,100 at the end of 2017. The increase will add staff in various roles including relationship managers, product specialists and family wealth planners, said Siew Meng Tan, Asia Pacific head of private banking.

HSBC's global private banking business manages $330 billion (£253.69 billion) worth of clients assets, and Asia accounts for 39 percent of the total, making it the single largest market for the bank.

It also aims to double Asia-based client assets by 2025, in-line with consultant Capgemini's overall wealth growth forecast in the region over the same period, as it expands its presence in the banking hubs of Hong Kong and Singapore and also vies for a bigger share of offshore Chinese wealth, Tan said.

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