Hang Seng Bank opens two new cross-boundary wealth management centres

One is in Shenzhen and the other is in Tsim Sha Tsui.

Hang Seng Bank has opened two more cross-boundary wealth management centres (CBC).

Located in Tsim Sha Tsui and Shenzhen, the two new CBCs are expected to meet growing demand from customers in Hong Kong and mainland China for cross-boundary wealth management services.

Services offered include providing information on investing, including the cross-boundary wealth management connect (WMC) scheme, as well as information on mortgages and foreign exchange.

The launch of the new centres coincides with the massive rise in demand for cross-boundary wealth management services. Hang Seng Bank shared that its numbers of new account openings by non-Hong Kong residents rose by over 350% during the first six months of 2023 alone, compared to a year earlier.

“We saw unleashed penet-up demand for cross-boundary wealth services since the resumption of travel between Hong Kong and the mainland earlier this year,” said Rannie Lee, Head of Wealth and Personal Banking at Hang Seng. 

““Through its growing network of strategically located Cross-boundary WMCs and other initiatives to further enhance its cross-boundary connectivity, Hang Seng aims to provide customers with a superior cross-boundary wealth management experience and contribute to the long-term growth of Hang Seng’s business in the GBA,” Lee added.

Wealth management professionals can make appointments for clients who wish to open cross-boundary WMC investment accounts. Staff can also help clients reactive inactive accounts and update personal information for their cross-boundary accounts, eliminating the need to physically cross the border.

For mainland residents, they can open a new account in as fast as 30 minutes through the Hang Seng Personal Banking Mobile App, the bank said, and successful applications will be able to enjoy instant issuance of an ATM card for their account.

Hang Seng said that it will introduce more cross-boundary banking services in the next few months.