HSBC seeks to grab a bigger share of the growing rich population. The new private bank, which is in one of the most promising wealth markets in Asia, will help it provide clients with access to international capital markets by leveraging its existing infrastructure of advisory and investment methodologies in Asia.
In 2020 HSBC combined its global private banking and retail wealth businesses to create a new unit that manages more than USD 1.4 trillion in clients’ assets, with half coming from Asia. The team in Thailand will cover client management and advisory services while clients’ assets will be booked in HSBC Private Banking in Singapore, a regional wealth management hub.
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