HSBC Private Bank – Competitor Profile

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HSBC Private Bank Competitor Profile Overview

Headquartered in London, HSBC Holdings is a global universal bank. HSBC Private Bank is a brand used by its Global Private Banking (GPB) unit, catering to individuals with more than $5 million (or the local currency equivalent) in assets. GPB itself operates as a distinct unit within the newly created Wealth and Personal Banking (WPB) division. HSBC Private Bank offers a wide range of traditional and alternative investment products as well as lending and deposit products to HNW and UHNW individuals, entrepreneurs, and family offices.

The HSBC Private Bank competitor profile report comprehensively analyzes HSBC’s private banking operations. It offers insights into the company’s strategy and financial performance, including key data on AUM. Customer targeting and service propositions are covered, as are product innovation and marketing activities.

Key Strategy Parameters Structure, Stakeholders, Global Presence, M&A And Partnerships, Active Jobs and Theme Activity, Company Filings, and Digital Transformation and ICT Spending
Key Financial Performance Parameters Operating Revenues, Cost/Revenue Analysis, Contribution to Group Performance, Assets, Peer Comparison
Key Brand-Building Activities CSR, Sponsorships, and Social Media Presence
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HSBC Private Bank – Strategy

The HSBC Private Bank competitor profile report covers key strategies in terms of company structure, stakeholders, global presence, M&A and partnerships, active jobs and theme activity, company filings, and digital transformation and ICT spending.

Structure and Global Presence: HSBC GPB operates as part of the WPB division, Externally, it uses the HSBC Private Bank brand. HSBC Private Bank provides private banking, investment, and wealth management services to business owners, entrepreneurs, senior executives, and families. It caters to HNW customers with at least $5 million in investable assets and UHNW customers with at least $10 million in investible assets.

HSBC Private Bank has 48 offices in 19 territories around the world, with Europe its biggest market in terms of generated revenue. Out of these 48 offices, 11 are considered core booking centers for wealth business: the UK, the Channel Islands, Luxembourg, Germany, Switzerland, France, Hong Kong, Taiwan, China, Singapore, and the US. Further expanding its wealth management footprint in Southeast Asia, HSBC launched its new private banking business in Thailand in February 2021. It became HSBC’s second onshore business in Southeast Asia after Singapore and covers client management and advisory services, while clients’ assets are booked in HSBC GPB in Singapore. HSBC Private Bank will relaunch its onshore private banking business in India by 2023 as the bank considers the country a key strategic market for growth across Asia.

HSBC Global Locations

HSBC Global Locations

M&A and Partnerships: HSBC Private Bank is expanding through strategic partnerships and acquisitions. The company has made a few noteworthy acquisitions to expand its wealth management business in Asia. To strengthen its wealth business in Asia, HSBC Asset Management (India) entered into an agreement to acquire L&T Investment Management (LTIM) for $425 million in December 2021. The deal received approval from the Securities and Exchange Board of India in October 2022. In February 2022, HSBC Insurance (Asia-Pacific) Holdings acquired AXA Insurance (AXA Singapore) for $529 million. AXA Singapore’s retail and corporate customer base, multiple distribution channels, and complementary insurance products will allow HSBC to scale up and diversify its insurance and wealth business in Singapore.

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HSBC Private Bank – Financial Performance

HSBC Private Bank’s operating revenue increased due to a rise in investment revenue. HSBC Private Bank’s performance operating revenues increased to $1.8 billion in 2021, mainly led by growth in non-interest income driven by a rise in investment revenue, reflecting higher fees from advisory and discretionary mandates. This was partly offset by a reduction in net interest income due to the impact of lower global interest rates for much of the pandemic period. This increase can be attributed to an increase in performance-related pay. However, the segment benefited from cost-saving initiatives, which helped fund continued investment in wealth management operations in Asia.

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HSBC Private Bank – Customers and Products

HSBC targets the full spectrum of customers, from mass market to UHNW. HSBC GPB’s services include traditional banking products, tailored lending, investment management, and planning services. Benefiting from the expertise of HSBC’s commercial banking arm, the bank also offers advice on business exit strategies and foreign exchange solutions. The GPB division offers bespoke products for business owners and entrepreneurs, wealthy families, and senior executives. It also helps with planning, building, and managing family offices and offers tailored services. In addition, it assists clients with family enterprise succession planning.

HSBC Private Bank is focusing on building digital offerings in Asia to meet the growing wealth needs of clients. In August 2021, HSBC Private Bank launched HSBC GPB Chat in Asia. The product is a client messaging platform for clients to interact with their relationship managers and investment counselors through the channel of their choice, including WhatsApp and WeChat. In October 2021, HSBC Private Bank launched HSBC GPB eSignature. This solution enables prospective clients to review, sign, and submit documents to their relationship management team digitally and securely, eliminating the need to produce a signature in person. The eSignature tool, which will make the account-opening process more convenient and flexible, was initially launched for new GPB clients in Hong Kong.

HSBC Private Bank Customers and Products

HSBC Private Bank Customers and Products

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HSBC Private Bank – Brand-Building Activities

HSBC supports communities in which it operates through the HSBC Volunteers Scheme, charitable partnerships, and the Hongkong Bank Foundation. The bank’s philanthropic activities are focused on skill development, employability, education, environmental protection, healthcare, serving disadvantaged communities, and other social causes.

In terms of sponsorships and social media presence, HSBC sponsors several global golf tournaments and events, such as the World Golf Championships, HSBC Champions in Shanghai, the HSBC Women’s World Championship in Singapore, the Abu Dhabi HSBC Championship, and The Open in the UK. HSBC GPB’s social media activity is limited to a LinkedIn corporate profile used for promoting its own publications.

Scope

– HSBC Private Bank offers a wide range of traditional and alternative investment products as well as lending and deposit products to HNW and UHNW individuals, entrepreneurs, and family offices.

– In 2021, the operating revenues of HSBC Private Bank increased by 7.1% to reach $1.8 billion, mainly led by growth in non-interest income as driven by a rise in investment revenue, reflecting higher fees from advisory and discretionary mandates.

– Environmental, social, and governance (ESG) remains a key focus. To add specific sustainable investment objectives to its wealth offerings, HSBC launched its first discretionary mandate focused on biodiversity in May 2022 for private banking clients in Hong Kong. In August 2021, HSBC launched an ESG-themed structured note for its HNW and UHNW clients in Hong Kong and Singapore.

Key Highlights

  • HSBC Private Bank offers a wide range of traditional and alternative investment products as well as lending and deposit products to HNW and UHNW individuals, entrepreneurs, and family offices.
  • In 2021, the operating revenues of HSBC Private Bank increased by 7.1% to reach $1.8 billion, mainly led by growth in non-interest income as driven by a rise in investment revenue, reflecting higher fees from advisory and discretionary mandates.
  • Environmental, social, and governance (ESG) remains a key focus. To add specific sustainable investment objectives to its wealth offerings, HSBC launched its first discretionary mandate focused on biodiversity in May 2022 for private banking clients in Hong Kong. In August 2021, HSBC launched an ESG-themed structured note for its HNW and UHNW clients in Hong Kong and Singapore.

Reasons to Buy

  • Examine the financial performance, key ratios, and AUM growth of HSBC and its Private Bank division and benchmark this competitor against other global wealth managers.
  • Understand HSBC Private Bank’s current strategic objectives and their impact on its financial performance.
  • Discover HSBC Private Bank’s key products and client targeting strategies and examine whether these have been successful.
  • Learn more about HSBC Private Bank’s marketing strategy, social media presence, and digital innovations.

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Table of Contents

Table of Contents

Executive Summary

Strategy

Financial Performance

Customers and Products

Brand-Building Activities

Appendix

Frequently asked questions

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