Exclusive | HSBC eyes synergies in wealth management, family office business amid robust profit growth in Asia
- The UK lender aims to boost synergies through talent exchanges and client referrals in both cities in the coming years
- Pre-tax profit from HSBC’s wealth management unit in Asia surged over 50 per cent last year, according to its financial report
While both Asian financial hubs compete on many fronts, the UK lender is seeking to boost synergies through talent exchanges and client referrals in the coming years, said Maggie Ng, head of wealth and personal banking operations in Hong Kong.
“Our ambition is to grow beyond just our domestic markets,” she said in an interview. “Many of our customers like to set up family offices in both Hong Kong and Singapore” as they see both cities as complementary rather than competitors, she added.
Hong Kong is keen to bolster its status by attracting the world’s wealthiest families, and dangled several tax and long-term residency incentives earlier this year to pursue its goals. The city had 2,703 single-family offices at the end of 2023, managing US$10 million to US$100 million of assets, a study showed.
HSBC is keen to help its super-rich clients manage their family investment, succession planning and philanthropic endeavours, emphasising the bank’s commitment to the business. Pre-tax profit from its wealth management unit in Asia surged over 50 per cent last year, according to its financial report.
