HSBC spreads wings in wealth management

HSBC (0005) is ahead of its hiring targets for its Chinese retail wealth management business, top executives say.

And now it is exploring a return to involvement in India's private banking business as part of a plan to make Asia and wealth key pillars of growth.

HSBC is plowing US$3.5 billion (HK$27.2 billion) into its wealth and personal banking business in line with its ambition to become Asia's top wealth manager by 2025.

The bank is looking to boost its mobile wealth planning service, HSBC Pinnacle, in the mainland by having about 700 personal wealth planners by year's end instead of the 550 originally planned, said Nuno Matos, chief executive of wealth and personal banking.

The bank had 20 people operating in the mainland's onshore private banking business at the end of last year, noted Siew Meng Tan, head of HSBC private banking for the Asia Pacific.

Meanwhile, the group's Hong Kong unit and online shopping site HKTVmall yesterday launched jointly a digital merchant finance program that leverages commercial data for credit assessment.

Available to qualified HKTVmall merchants in phases, the program will offer a 90-day trade facility of up to US$500,000 without requiring further financial statements and provision of collateral.