British banking giant HSBC expects to register double-digit asset growth in its wealth business in Asia Pacific in the next three years.
Greg Hingston, the unit’s regional head of wealth and personal banking business, in an interview to Reuters said that this ambitious target is part of its strategy to win a bigger share of the growing rich population in the region.
In the medium-to-long-term, the Asia-focused lender is eyeing to become top private banking company in Asia Pacific.
To achieve this, the British banking group aims to target people with over $1m investable assets, Hingston further added.
HSBC has undergone a massive overhaul recently, which includes the combination of its retail banking, wealth management, and global private banking units.
The combined wealth business came into effect on 1 May. The business currently manages assets worth approximately $1.3 trillion worldwide, of which nearly half is in Asia.
“With the combination, there is a big, big focus on family offices going forward. And it all fits within that focus around increasing penetration into the high and ultra-high networth segments,” Reuters further quoted Hingston as saying.
The 2019 performance of HSBC was dismal, with profit before tax slumping 33% year-on-year to $13.3bn.
The bank is also set to slash 35,000 jobs.
Recently, HSBC named Noel Quinn as its permanent CEO. The emphasis on UHNW clients aligns with Quinn’s strategy to downsize underperforming operations in Europe and the US and focus on Asia.