HSBC opens private banking business in Shenzhen

HSBC Bank (China) today announced the start of its global private banking business in Shenzhen, further expanding its wealth management activities in the Greater Bay Area of Guangdong, Hong Kong, and Macau (GBA).

HSBC stated in a statement that it plans to offer a broad range of tailored wealth services in mainland China to address the demands of high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients.

HSBC’s Global Private Banking business now has a presence in four mainland cities, including Beijing, Shanghai, and Guangzhou, in addition to Shenzhen. Through branches in Shenzhen and Guangzhou, a team of relationship managers and investment advisers is currently in place to service clients across all sectors of GBA.

In addition, HSBC China’s global private banking will collaborate with HSBC Qianhai Securities, based in Shenzhen, to provide more specialized securities and asset management services to wealthy clients and family offices.

“Over the next three years, we will be bringing the best of HSBC with more bespoke solutions for clients across GBA mainland cities, enhancing our digital platforms and servicing our clients with a private banking team that is triple our size today,” he added.