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HSBC Private Bank Expands in Asia, Appoints Chris Harwood as New Market Head of ASEAN and Australia
17th June 2021 | Singapore
HSBC Private Bank continues to expand in Asia and in South Asia, appointing Chris Harwood as new Market Head of ASEAN and Australia. HSBC Private Banking in Singapore, is a key international hub for Asian and Middle Eastern wealth and is also a fast growing hub for international HNW & UHNW clients from Europe. Chris Hardwood as the new Market Head, ASEAN and Australia will be responsible to lead and drive the business growth of HSBC’s offshore wealth business, overseeing the relationships with ASEAN and Australian clients.
“HSBC Private Bank Expands in Asia, Appoints Chris Harwood as New Market Head of ASEAN and Australia”
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HSBC Private Banking
In September 2020, HSBC appointed Annabel Spring as the new Chief Executive of HSBC Global Private Banking, one of the largest international private bank with more than $353 billion Assets under Management (AUM). Charlie Nunn is the current CEO of HSBC Wealth and Personal Banking.
HSBC Wealth and Personal Banking division was created earlier in 2020, when HSBC combined its retail banking and wealth management, asset management, insurance and private banking business units, to become one of the world’s largest global wealth managers with over $1.4 trillion (Q2 2020).
HSBC Private Banking is part of HSBC Group, one of the world’s largest banking and financial services organisations with $2.95 trillion assets as of 31st March 2021. HSBC Private Banking seeks to be the leading international private bank for business owners and their families.
Global Private Banking, operate as a distinct business unit and brand, growing client assets in 1st half of 2020 to $353 billion and net new money (inflow) of $5.3 billion.
- HSBC Private Bank: $353 billion
- HSBC Retail Wealth: $357 billion
- HSBC Premier & Jade: $445 billion
- HSBC Asset Management: $263 billion
- Total: $1.4 trillion
HSBC Growth Plans in Asia
In February 2021, HSBC announced its plans to invest over $3.5 billion in the next five years and 5,000 new hires to accelerate the growth of its Wealth and Personal Banking (WPB) business in Asia and drive its ambition to become the leading wealth bank in the region.
Related:
- HSBC Appoints Annabel Spring as Chief Executive of Global Private Banking
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
HSBC wealth business in Asia is also growing fast with almost $800 billion or half of HSBC’s global $1.6 trillion wealth assets is in Asia. In 2021, HSBC in Asia is also on track to hire over 1,000 client-facing wealth management roles as part of HSBC’s strategy to become the leading wealth manager in Asia by 2025.
In Q1 2021, HSBC set up a new onshore private banking business in Thailand and launched a dedicated Independent Asset Managers’ desk in Singapore to meet the needs of family offices and independent advisors managing wealth on behalf of their clients.
In May 2021, HSBC launched a new institutional family office service in Hong Kong and Singapore, providing family offices access to HSBC Investment Banking specialists, products and services.
In Mainland China, HSBC expanded their new mobile personal wealth planning service, HSBC Pinnacle, to 4 cities – Guangzhou, Hangzhou, Shanghai and Shenzhen, with 4 new products by HSBC Life China, including a market-first GBA unit-linked fund.
HSBC’s Global Markets also continues to build wealth solutions, increasingly on digital platforms for FX, Equities, Bonds, structured products and private placements for clients in Hong Kong, Mainland China, Malaysia and Singapore. HSBC Global Markets is also a leading provider of sustainable investments across asset classes, including Asia’s first RMB green certificates of deposit for retail investors in Hong Kong in Q1 2021.
- Asia contributed $1.2 billion to global profits, representing 2/3 of global WPB profits
- Wealth revenue grow to $1.5 billion
- Wealth balances in Asia grew to nearly half half of global $1.6 trillion wealth balances
- 80% of retail wealth sales in Asia-Pacific are conducted through digital channels
- HSBC Private Banking in Asia attracted $6.6 billion net new money (NNM)
- HSBC Asset Management in Asia attracted $3.3 billion net new money (NNM)
- HSBC Life generated Premium of $676 million
HSBC:
- HSBC Appoints David Liao & Surendra Rosha as New APAC Co-CEOs, Peter Wong Retires
- HSBC & Nielsen Survey: 82% of China GBA Mainland Investors to Invest in Wealth Management Connect
- HSBC Wealth Business Grows in Asia to $800 Billion, Hires 1000 in 2021
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- HSBC, Citi and Standard Chartered to Add 6,600 Wealth & Private Banking Jobs in Asia
- HSBC Appoints Annabel Spring as Chief Executive of Global Private Banking
Related:
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
About HSBC Holdings
HSBC Holdings plc. the parent company of the HSBC Group. is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2.923 billion at 30th June 2020, HSBC is one of the world’s largest banking and financial services organisations.
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