FINANCIAL SERVICES | Staff Reporter, Hong Kong

HSBC steps up Hong Kong and Singapore hiring to cash in on Asian goldmine

The bank is planning to add over 1,300 positions by 2022.

Bloomberg reports that HSBC is planning to add over 1,300 positions to its retail and private banking arms by 2022 as the bank aims to capitalise in the growing shift in high-net worth wealth in Asia.

HSBC will add 700 people in the role of relationship managers, product specialists and family wealth planners with the bulk of planned hires in Hong Kong and Singapore where it will muscle against old-guard incumbents UBS, Citi and Credit Suisse in the race to manage the wealth of Asia’s rapidly growing high-net worth population.

Also read: Singapore and Hong Kong private banks wage war for wealth managers to lure Asia's ultra-rich

The world’s ultra rich are continuing to settle in Asia with the number of HNWIs growing 12.1% to 6.2 million with total wealth holdings of US$21.59t, according to a study by Capgemini. A separate study by Wealth-X has crowned Hong Kong as the city with the largest high-net worth population in 2017 with 10,010 people worth over $30m. 

To respond to this shift in private wealth, the European bank has pledged to invest as much as $17b by 2020 to expand its foothold in the region with the goal of growing revenue from Asia by at least $1b in two years time.

Also read: China's ultra rich set to boost Hong Kong wealth assets by 50% in 2023

“We have a real opportunity to do more and that’s to further build on Hong Kong and to materially build what we do today in Singapore,” Kevin Martin, the firm’s Asia Pacific head of retail banking and wealth management, said in an interview.

Here’s more from Bloomberg:

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