HSBC Global Private Banking launches Chengdu, Hangzhou units

The newly established teams are comprised of relationship managers and investment counselors.

HSBC Global Private Banking has officially launched its business in Chengdu and Hangzhou, a move that further expands its presence in mainland China.

This reportedly makes HSBC the first international bank to set up a dedicated private banking service team in Western China, the bank said in a press release.

The newly established teams are comprised of relationship managers and investment counselors, and will tap into HSBC’s local branch network to service the population in the two cities as well as the surrounding areas.

HSBC Global Private Banking will further unlock synergies with HSBC China’s wholesale banking business, and in the future join forces with other institutions related to the HSBC Group, including securities, funds, insurance and financial technology, the press release said.

HSBC China also shared that it is actively exploring the potential of the Southwest market, with a view of strengthening its service capabilities in the Yangtze River Delta region in order to provide better services to its high net worth (HNW) and ultra HNW clients in the region.

With the addition of the two cities, HSBC China has now extended the coverage of its global private banking business to six cities in mainland China.

The bank saw huge growth potential for the wealth management market in mainland China, said Jackie Mau, head of global private banking, HSBC China.

“As the provincial capital of Sichuan, Chengdu is an important central city and international gateway hub in Western China. The accumulation of personal wealth in the city has driven robust demand for diversified asset allocation and international wealth management,” Mau said.

Demand for international wealth management has also grown in Hangzhou thanks to the emergence of a new class of HNW and UHNW individuals from the city’s digital economy.

“By setting up our private banking business in Chengdu and Hangzhou, we will be able to serve our local clients more closely and enhance HSBC’s wealth management footprint outside the four major cities of Beijing, Shanghai, Guangzhou and Shenzhen, adding momentum to further business growth,” Mau said.