HSBC China received approval from the China Banking Regulatory Commission (CBRC) to offer the new service in Beijing, Guangzhou and Shanghai.
ôWe are pleased with the establishment of a private banking business in China," says Monica Wong, HSBC private bank chief executive Asia. "This move underscores our commitment to one of AsiaÆs fastest growing markets. The creation of wealth in China is a unique phenomenon in that greater wealth is being generated by a relatively younger age group as compared to the rest of the world.ö
HSBC Private Banking will target mainland customers with a net worth of $10 million and with investable assets of $3 million. Private Banking accounts can be opened with a minimum deposit of $1 million.
"Since our local incorporation one year ago, HSBC China has strengthened its position as the leading international bank - growing our network by more than 80% to 66 outlets across 17 cities and increasing our workforce by more than 50% to more than 4,900 people," says Richard Yorke, president and chief executive officer of HSBC China. "With private banking we will now bring an even higher level of personal wealth management service to our customers in mainland China.ö
Operating as a business unit of HSBC China, HSBC Private Banking will be supported functionally by HSBCÆs global private banking business with its Asia-Pacific headquarters based in Hong Kong.
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