Citywire Asia’s Post

HSBC’s private bank unit in Asia hits $205bn in invested assets. https://lnkd.in/g8B6JnKT The private bank's Asia invested assets grew 30% year-on-year, attracting $5bn of net new money in the third quarter. #hsbc #privatebanking #asia

HSBC 's CEO, Georges Elhedery, is targeting $3 billion in potential savings through a comprehensive overhaul, according to The Edge Singapore. The restructuring aims to cut costs by about 10%, with significant changes including merging commercial banking into global banking and markets, and creating a new premier banking and wealth unit. The revamp is expected to be completed by June 2025. When you have a seasoned global markets executive like Georges Elhedery, who was formerly the CFO of the bank, there are no grey areas, just red and black.

Who owns the Singapore Business FX market? 10 years ago, Citi had the edge over HSBC in the city state, however fast forward to now and DBS has surpassed both of them. Contrary to what we see in Hong Kong, which has been dominated by a single player, the Singapore market is much more contested with very little now separating Citi, DBS and HSBC. As FDI, trade and supply chain flows increase to Southeast Asia, Singapore’s position as the business gateway to the region is set to fuel growth in FX activities. How will each bank capitalise on this increase in demand? Will WorldFirst remain the only non-bank of note in the market? Get in touch and dive into the insights with us to find out where you are, where you are going, and how you can get there. #marketintellignce #BusinessFX #Singapore

Standard Chartered is targeting $200 billion in new assets and aims for double-digit growth in income from its wealth business over the next five years. This strategy is part of the bank's broader plan to shift towards higher fee-earning businesses. The bank is focusing on expanding its services to wealthy Chinese and Indian clients with offshore or cross-border financial needs, as highlighted by Judy Hsu, the CEO of Wealth and Retail Banking. Hsu will move to Hong Kong from Singapore. The bank is beefing up relationship manager teams in markets such as India, China onshore, Malaysia and Taiwan. https://lnkd.in/gkW2WHH8

[Exclusive] Former Citic wealth management head moves to Bank of China (Hong Kong). https://lnkd.in/g5WtASBk Bank of China Hong Kong has reshuffled its product reporting line and expanded its markets team, hiring two senior team heads from HSBC Global Private Banking. #bankofchina #hongkong

Here's a breakdown of the reasons behind the celebratory message: * **Winning 10 WealthBriefingAsia Awards:** This is a significant achievement, demonstrating recognition across various wealth management areas. It highlights your expertise in wealth planning, digital tools, credit advice, and investments. * **Dominating Hong Kong Domestic Private Bank Category (3rd Year):** Retaining the top spot for three years showcases your leading position in the Hong Kong market. This implies a strong local presence and extensive reach. * **Holistic Client Service:** You emphasize that your model has been enhanced to cater to clients' needs throughout their wealth journey, not just at a specific point. In essence, the message boasts about your company's: * **Industry Recognition:** Winning multiple WealthBriefingAsia awards signifies expertise across wealth management sectors. * **Market Leadership:** Holding the top spot in Hong Kong for three years highlights your dominance in the local market. * **Comprehensive Client Services:** You emphasize offering a holistic approach to wealth management, catering to clients' needs throughout their financial journey. The "why" behind the message is to celebrate these achievements and express gratitude to clients and partners who contributed to this success.

At HSBC we've always understood knowledge of local markets is vital to our customers. From Singapore to Brunei, browse through these 1970s country profile reports from the bank's archive collection, to reflect on how they have fared since then, how the impact of some of the policies & influences from then have taken shape today.. #hsbc #hsbcarchives #businessarchives

At HSBC, we are committed to supporting our clients wherever they are in their wealth journey. Through our international networks and business connections, we are there for our clients beyond private banking and across multi-generations. Wealth. Growing at every stage. #HSBC #WealthGrowingAtEveryStage #GlobalPrivateBanking

Following with interest from afar ( well Hong Kong) - what about the banks themselves? - what will be the impact on onboarding going forward? -What will be the level of verification to be provided? - will the MAS “background checks” required for FOs be extended to other financial institutions? #compliance #onboarding #verification