By Nick Hedley
HSBC Global Private Banking has started operating in Chengdu and Hangzhou, making it the first international bank to set up a dedicated private banking team in Western China, it said in a statement.
“With these additions, HSBC China’s Global Private Banking footprint now extends to six cities in mainland China, where we cater for the growing wealth needs of our clients,” it said.
HSBC Global Private Banking has been on a drive to hire relationship managers and investment counsellors in the world’s second-largest economy. Before Chengdu and Hangzhou, its operations in China were limited to Beijing, Shanghai, Guangzhou and Shenzhen.
It has said previously that household wealth in mainland China is set to grow by around 8.5% annually from 2021 to 2025, driven by the rising number of high-net-worth individuals and families and the expansion of the middle-income segment.