The U.K.-headquartered bank will place a much greater focus on the family office segment in Asia following the new merger of its wealth unit.
Over the next three years, HSBC will look to grow client assets in the unit at a double-digit rate, according to a «Reuters» report. The recent merger of the private banking and retail wealth business formed a unit that now manages around $1.3 trillion in assets globally including nearly half from Asia.
And of the broader market, HSBC will look to add greater focus on wealthier clients, especially those with sufficient assets to oversee via a family office.
«With the combination, there is a big, big focus on family offices going forward,» said Greg Hingston, recently appointed regional head of wealth and personal banking at HSBC. «And it all fits within that focus around increasing penetration into the high and ultra-high net worth segments.»
Digital Boost
In addition to segment focus, the bank has also seen a boost in digital activities in the midst of a coronavirus pandemic that has reduced physical traffic and branch access.
In Hong Kong, average monthly equity and FX transactions surged 63 percent and 65 percent, respectively. Retail activities saw similar trends with 94 percent of all regional transactions in March conducted online.
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