HSBC is looking to cash in on the rising number of business people making multi-million dollar fortunes through closer ties with Asia, launching private banking services in Australia.
As part of a local expansion plan, the banking giant is making a new pitch to very wealthy clients, mainly business owners and senior executives, who have investable assets of more than $10 million.
The move is part of the bank’s bid to profit from Australia’s booming trade, investment and migration flows with China and other Asian nations where HSBC is a major force in banking.
It said it would open a private banking office in Australia targeting wealthy customers by offering access to its more sophisticated investment platforms in Asia. READ MORE: http://www.brisbanetimes.com.au/business/banking-and-finance/hsbc-targets-asialinked-rich-with-australian-private-bank-push-20161117-gsrk0w.html