Singapore: HSBC Holdings PLC is above its recruitment target for Chinese retail wealth business and exploring the Indian private banking business, senior executive said, as part of its plan to make the pillar of the main growth of Asia and wealth.
Under the strategy dipelopo by the CEO of Group Noel Quinn, HSBC hijacked $ 3.5 billion into its personal wealth and banking business, in line with its ambition to become the best Asian wealth manager in 2025.
“We are a leading international bank in China, so we Want to squeeze the opportunity, “said CEO of Banking Wealth and Personal Banking Nuno Matos, one of the top four executives who moved to Hong Kong from London this year as part of the Pivot Regional Bank.
“On the side of personal banking, we are now in clear expansion mode,” Matos told Reuters in one of his first interview since moving to the region.
Asia is the largest region for HSBC, and personal assets and banking banking units contributed 44% or $ 22 billion for global income adjusted by London-office HSBC last year.
The bank is looking to improve its mobile wealth planning services, HSBC Pinnacle, in China with around 700 personal wealth planners at the end of the year instead of 550 which was originally planned, said Matos.
HSBC wealth management services include investment, insurance, and asset management products, while private banking serves their needs with investible assets of $ 5 million or more.
The bank has 20 people operating in China’s private land banking business at the end of last year, said Siew Meng Tan, head of HSBC private banking for Asia Pacific.
“At the end of this year, we will reach 64 and at the end of next year, we will multiply it,” he said.
HSBC is exploring whether to re-enter private private banking in India, where super-rich ranks grow rapidly and record high stock markets have created a billion-billion dollar start-up series.
HSBC left the Indian private banking business in 2015 as part of a group strategy.
The Indian market is profitable but very competitive has several foreign players.
“We want to demand the mass of banks and net clean.
At this time, the two main pillars we developed in India are insurance and asset management,” Matos said.
“On the side of the private banking, we haven’t been there and it’s something that demands a strategic decision this year.” At present, HSBC focuses on catering to Indian people rich in global hubs in Singapore, London and the Middle East.
HSBC ‘interesting opportunities’ also searched for the presence of Singapore and Southeast Asia, said Matos.
In August, the bank bought the Singapore Singapore Asset of ASSA France Axa for $ 575 million.
Although HSBC has the presence of the dominant Asia with its retail banking, especially in the Hong Kong financial center, global leaders such as UBS and Credit Suisse ruled the market for richer clients.
Global wealth managers remain bullish about their growth prospects in China despite the hard action of unprecedented regulations in the second largest economy in the world.
In a global wealth report published in June, the Boston consultation group said the Asian wealth management pond will soar faster than other markets throughout the world, almost doubled for $ 52 billion.
“Asian wealth develops twice faster than all over the world.
This is an interesting opportunity for us,” said Matos, who took over the Joint Division of HSBC in February.
“I will not go back now our goal but what I can say is that in 2021, we will divert our goals on the side of wealth,” he said.
After announcing last year’s plan to buy life insurance joint venture business partners in China, HSBC also wanted to get full control of the asset management company in the country, said Matos.
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