HSBC sees significant growth in new APAC wealth arm

Double-digit growth is on the horizon over the next three years.

HSBC is expecting double-digit asset growth in its newly-combined Asia Pacific wealth business in the next three years as it looks to clinch a bigger share in the region, reports Reuters.

The lender had earlier announced the merger of its global private banking and retail wealth businesses to create a new wealth and personal banking unit as a strategy overhaul.

The combined business, which came into effect on 1 May, manages assets worth about $1.3t globally, with nearly half of that in Asia where it is supported by a fast-growing mass affluent customer base.

HSBC wants to sharpen its focus on clients with investable assets of over $1m, said Greg Hingston, regional head of wealth and personal banking business.

Here’s more from Reuters.