,China
Photo courtesy of Rehman Abubakr

HSBC ahead of China wealth hiring targets, mulls re-entering India private banking

By end-2021, HSBC will have 64 working in its China onshore private banking.

HSBC is reportedly ahead of its hiring plans for its Chinese wealth management business and is now exploring re-entering India’s private banking business, Reuters reported, based on interviews with senior executives.

Earlier in 2021, the bank unveiled plans to pour in $3.5b into its wealth and personal banking business as part of its ambitions to become Asia's top wealth manager by 2025.

The bank had 20 people operating in China's onshore private banking business at the end-2020, said Siew Meng Tan, head of HSBC Private Banking for the Asia Pacific.

"By the end of this year, we will get to 64 and by the end of next year, we'll double that," she said.

HSBC is also exploring whether to re-enter onshore private banking in India, where the ranks of the super-rich are growing fast and record-high stock markets have created a string of billion-dollar start-ups.

HSBC exited the Indian private banking business in 2015.

Here’s more from Reuters.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks should have enough buffers and find climate transition risks manageable.
The products are now available at Eccellente by HAO Market in Singapore.
Institutional clients may accelerate time-to-market financial applications.
This was thanks to a rise in loans made to the service sector during the period.
Discussions between the two banks are at the preliminary stage.
But it reported weaker quarterly performance, largely due to its $309.8m Q3 expense.
Uncertainty over Omicron's impact may drive this slowdown.
Only 2 in 10 Singapore micro-multinationals think banks offer value for money.
The Internet boom has pushed 9 out of 10 digital merchants to accept digital payments.
It’s not as urgent as other markets with credit under-penetration, says TMRW Digital Group CCO.
The move is part of the BSP’s Digital Payments Transformation Roadmap.
Internet economy in SEA has propelled digital payments further.
The market is expected to top $83.2b in four years’ time.
The 3.26% interest rate average is its highest since November 2018.