No international lender is better at serving privately wealthy China clients wherever they are in the world than HSBC.
It is important to break down this award clearly. Strict capital controls mean China is in effect two completely different wealth-management markets. There is the onshore part, dominated by local operators and a few global firms, and the more complex offshore segment: wealth held by the Chinese diaspora scattered across the world.
There is a fair amount of overlap too. Many mainland families hold considerable offshore wealth (created for example via a New York stock listing) but are also key investors, property owners and philanthropists in their home market.
HSBC officially launched its redesigned global private banking business in mainland China in May 2022, offering an upgraded digital platform and an enhanced set of concierge services, covering everything from healthcare to international education.
In a nod to president Xi Jinping’s ‘common prosperity’ programme, designed to redistribute wealth more evenly across the population, the bank has launched a philanthropy ‘forum’ to let clients pursue sustainability and charitable opportunities.
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