Banking News

Wealth Asset Growth in APAC to Reach Double-Digits by 2023 – HSBC

Wealth Asset Growth in APAC to Reach Double-Digits by 2023 – HSBC

(25 May 2020 – Hong Kong) HSBC’s regional head of wealth and personal banking business Greg Hingston estimates the bank will achieve double-digit asset growth in its newly combined wealth business in Asia Pacific in the next three years, as it looks to grab a bigger share of the growing rich population.

The combined wealth business, which came into effect on May 1, manages assets worth about US$1.3 trillion globally. Asia makes up nearly half of this total, with the fast-growing mass affluent customer base accounting for the bulk of it is. HSBC plans to sharpen its focus on clients with investable assets of over US$1 million.

“With the combination, there is a big, big focus on family offices going forward. And it all fits within that focus around increasing penetration into the high and ultra-high net worth segments,” said Mr Hingston.

Comment on this article

 

Your comments will not be published. Required fields are marked *

 

Please enter the word you see in the image below:


Subscribe

Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.