Wednesday, Sep 28, 2022
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HSBC expands wealth management footprint in Thailand

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The London-headquartered bank announced a new private bank in the country

HSBC has expanded its wealth management footprint in Thailand and Southeast Asia with the launch of a new private bank in the country, media reports said. The new private bank in Thailand is HSBC’s second onshore business in Southeast Asia after Singapore. The new private bank, announced by HSBC, will provide clients access to international capital markets by leveraging its existing infrastructure of advisory, investment methodologies, controls and systems in Asia.

In this regard, Siew Meng Tan, Regional Head of Global Private Banking, Asia Pacific, HSBC told the media, “Our new private bank in Thailand opens up material opportunities for us to serve the fast-growing and increasingly sophisticated private wealth and business needs of new and existing clients in the country. This also reflects HSBC’s accelerated investments in our wealth, international and digital capabilities in Singapore, where we support an expanding base of international clients, most of whom are from Southeast Asia, which is rapidly coming into its own as an economic powerhouse with fast-growing HNW and UHNW wealth. This connectivity is central to our growth in ASEAN which is key to delivering our ambition to become the number one wealth manager in Asia.”

HSBC, as part of its restructuring, ventured into China’s wealth market by combining its private bank with its wealth management and retail banking businesses last year, media reports said. With that, HSBC had established a new global business to become one of the largest global wealth managers in the world.

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