HSBC Chases Asia's Wealthiest With New Ultra-High-Net-Worth Team
- Threshold for clients served by new team set at $30 million
- Asia predicted to see biggest relative growth in billionaires
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HSBC Holdings Plc is taking aim at the very richest clients in the world’s fastest growing region for wealth.
The London-based bank is building an ultra-high-net-worth team in Asia for clients with assets of about $30 million or more, according to Tan Siew Meng, Asia Pacific head of global private banking. Hiring for the new business will be part of the bank’s plan to add 700 private banking jobs in Asia by 2022. Tan didn’t provide staffing details of the team, though HSBC has hired at least two veterans for the new unit.