Asia is the next big goldmine for the European lender.
Reuters reports that HSBC is aiming to increase the headcount of its Asian private banking arm by two-thirds in five years and double client assets in eight years as it aims to capitalise on the growing shift in wealth toward the region.
The bank will add 700 people in the role of relationship managers, product specialists and family wealth planners by 2022 in effort to cement its regional leadership especially after Asia accounted for three-fourths of the group-level profit in 2017.
“Asia is the key driver for future profitability in the private bank ... it’s been the driver for growth even through the difficult times and it’s always remained profitable,” Peter Boyles, CEO of HSBC’s global private banking business, told Reuters.
The bank recently beefed up its Asia-Pacific equities business by luring top executives from Deutsche, Citi and CLSA to beef up its business against declining trade commissions.
APAC accounts for over a third (34%) of the world population of high networth individuals, or those having investable assets of $1 million or more, and 31 percent of their wealth - ahead of North America, as per Capgemini’s 2018 wealth report.
Here’s more from Reuters:
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