HSBC China is expanding its global private banking in mainland China and enhancing its Premier client services as part of its strategy to serve the evolving needs of mass affluent and private banking clients in the second-largest economy in the world.

Household wealth in mainland China is set to grow by around 8.5% annually from 2021 to 2025 with household investable assets topping 300 trillion yuan ( US$44.89 trillion ) in 2025, driven by the rising number of high-net-worth individuals and families, and the expansion of the middle-income segment to over 500 million.

The private banking division plans to hire almost 100 staff, including relationship managers and investment counsellors, by the end of this year, further expand its team size three-fold in the next five years, and target the growth of its presence in Hangzhou and Chengdu in the second half of this year.

It also plans to hire over 300 staff by year-end as part of its effort to provide more customised services to its Premier clients. 

“As the largest and fastest-growing wealth pool in Asia, mainland China is pivotal to our ambition of becoming the leading international wealth manager in the region,” says Nuno Matos, CEO, wealth and personal banking, HSBC. “These investments will further scale up our wealth management capabilities to meet stronger demand for tailored investment solutions, professional advisory services on asset allocation and diversification, as well as international banking among mass affluent and private banking clients in mainland China.”

The bank’s Trista Sun, executive vice-president ( designate ) and head of wealth and personal banking, mainland China, adds: “The pandemic and global market uncertainties have changed the investment appetite and behaviour of many individual investors in the market, driving stronger needs to diversify their investments to enhance and preserve their portfolio value.”