HSBC plans hiring spree in China wealth management unit

HSBC’s Global Private Banking unit is set to hire about 100 new employees in China this year as the bank seeks to expand its services and offerings for mass affluent clients.

The British lender is planning to recruit roles including relationship managers and investment counsellors and plans to grow its team size three-fold over the next five years.

HSBC also intends to expand its Global Private Banking presence to Hangzhou and Chengdu cities later this year. The bank, which currently has operations in Beijing, Shanghai, Guangzhou and Shenzhen, said it will further expand into more cities in the next few years.

The Global Private Banking unit will tap the bank’s international connectivity to enhance its product suite with offerings including structured deposits, overseas mutual funds as well as succession planning and philanthropy services.

The unit will offer wealth management solutions to clients through its strategic partnership with HSBC Qianhai Securities Limited.

HSBC Global Private Banking Asia-Pacific regional head Siew Tan said: “The wealth needs of HNW and UHNW individuals and families in mainland China are becoming more sophisticated on a daily basis.

“Increasingly, they are looking for a trusted advisor that can guide them holistically across asset allocation, wealth and succession planning and philanthropy. We have a unique role to play in this regard, and that’s why HSBC Global Private Banking has earmarked one third of our investment in Asia to grow our mainland China business.”

HSBC has been focusing on growing HSBC Premier, its global flagship proposition for mass affluent families, in mainland China over the past two decades.

HSBC China will add an additional 300 staff by the end of this year in a bid to offer more customised service to its Premier clients, according to the bank.

HSBC mainland China head of Wealth and Personal Banking Trista Sun said: “A team of trusted advisors, equipped with deep local market knowledge and global insights, alongside new financial technology, are our key to help clients navigate their wealth journey and achieve the ambitions for themselves and their family.

“As the leading international bank, we are committed to further investing and growing our business, bringing the best of HSBC to our local clients.”

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