HSBC becomes the 'first' international bank to set up private banking team in Western China

HSBC Global Private Banking has opened in two big cities in western China in a bid to capture growth in the local market, it said in a statement on 11 October. 

HSBC said the dedicated private banking service teams in Chengdu and Hangzhou comprised a mixture of relationship managers and investment counsellors. 

"We are officially launched in Chengdu and Hangzhou today, making HSBC the first international bank to set up a dedicated private banking team in Western China, while strengthening our service capabilities in the Yangtze River Delta region. 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. 

The new team will lean heavily on HSBC's wholesale banking business and other divisions to service the long-term financial needs of their clients, it further said. 

Jackie Mau, head of global private banking at HSBC in China said: "We see huge growth potential for the wealth management market in mainland China, driven both by the economically-active coastal areas and the fast-developing inland areas, which are fundamental to the long-term development of our wealth business. 

"By setting up our private banking business in Chengdu and Hangzhou, we will be able to serve our local clients more closely and enhance HSBC's wealth management footprint outside the four major cities of Beijing, Shanghai, Guangzhou and Shenzhen, adding momentum to further business growth."