HSBC targets overseas-minded customers with $1.4t wealth unit

They plan to focus on mortgages, wealth and insurance products, and unsecured lending.

HSBC plans to invest heavily in its newly combined retail and private banking business as it targets internationally minded customers in markets such as China, the United States and Singapore, Chief Executive Office for wealth and personal banking Charlie Nunn told Reuters.

The wealth and personal banking division combined two of HSBC’s better-performing businesses in 2019, with each unit expanding their profits by 19% and 15% in 2019.

The plan is to grow in the three major markets where HSBC has scale, namely UK, Hong Kong and Mexico, focusing on mortgages, wealth and insurance products, and unsecured lending respectively.

Last week, HSBC announced its third major restructuring in a decade, which resulted in Nunn taking control of the wealth division that boasts more than $1.4t in clients’ assets.

HSBC will also target wealthier customers who travel or invest often overseas in more than 10 markets such as China where its share is smaller, Nunn said.

“We’re in some of the fastest-growing wealth markets in the world... The fact we now have a $1.4t wealth business should be exciting for our customers and hopefully scary for our competitors,” Nunn said.

Here’s more from Reuters.