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HSBC Global Private Banking reports double-digit growth in Asia alts AUM. https://lnkd.in/gdF8n4ad While HSBC GPB is seeing strong growth in its alts offerings, a large portion of clients in Hong Kong seem to have access to a range of alternative investment products. #hsbc #privatebankinf #hongkong

Nowadays a total of 202 foreign commercial banks have set up in China. As of the end of September 2023 China's onshore foreign banks had total assets of CNY3.79 trillion ($ 0.52 trillion), of which CNY1.91 trillion ($ 0.26 trillion) were loans; total liabilities of CNY3.29 trillion ($ 0.45 trillion), of which CNY1.45 trillion ($ 0.20 trillion) were deposits. The average non-performing loan ratio of foreign banks was only 0.94%. They had realized a net profit of CNY16.47 billion ($ 2.28 billion) from January to September 2023. These foreign banks excel in professional services such as trade financing, derivatives trading, and offshore wealth management, outperforming their domestic peers. According to a report by McKinsey & Company, the scale of offshore financial investment by China's affluent and high net worth clients has increased from CNY4.8 trillion in 2013 to CNY13.1 trillion in 2022. On the other hand, as an important channel for investment going overseas, the QDII quota has been raised from CNY 300 billion ($ 41.49 billion) in 2013 to CNY 600 billion ($ 82.97 billion) by 2022. McKinsey estimates the scale of these above clients' offshore investments will reach CNY 29 trillion ($ 4.01 trillion) by the end of 2032.. HSBC's acquisition of Citi's retail wealth management portfolio in mainland China last year, combined with their strong wealth management business in Hong Kong, will set them up for success in the China market. Hope them to make a difference. #China #foreign #commericalbanks #wealthmanagement

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

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 Hong Kong announced it will formally join China’s Cross-Border Interbank Payment System (Cips). The move is yet another body blow to dollar dominance. According to the Financial Times, it will give “the world’s biggest player in trade finance a key role in Beijing’s push to expand use of the renminbi.” London-based HSBC is one of the world’s largest banking and financial institutions. It was founded in 1865 to facilitate trade between Europe and Asia. HSBC operates in over 60 countries across Asia, Europe, North America, and the Middle East. HSBC already indirectly participates in Cips. By becoming a direct participant in the payment system, the bank’s Hong Kong unit will be able to directly settle payments in the renminbi for the first time. According to the Financial Times, HSBC is in the midst of a “sweeping overhaul” that will set up its UK and Hong Kong units as separate divisions. A bank executive said the move to join Cips is “in response to the needs of our customers.” https://lnkd.in/ddsb2TMD #China #ExtremaRatio #Dedollarization

Singapore banks stand to gain from prolonged higher interest rates, boosting margins, despite ongoing challenges like sluggish loan demand, analysts say. DBS Bank and OCBC posted robust earnings, whereas UOB grappled with elevated funding costs. Despite these challenges, banks express optimism about sustaining net interest margins and are prepared with provisions to offset potential credit losses, underpinning solid earnings forecasts for 2024. https://lnkd.in/gbwvNHWu #Growth #Earnings #Performance #Business #Economy #InterestRates I The Straits Times I Prisca Ang

🔍 [Updated 22 Oct 2024] Spotlight on Popularity: Wealth Management Tops Searches on HSBC Hong Kong’s Website 🌐 According to insights from Similarweb, a global leader in digital traffic data analytics, the investment related sections of HSBC Hong Kong is currently one of the most visited on the bank's website. This coincides with the influx of capital from investors. 🚀 In a development that may not come as a surprise, recent data from September reveals that almost 33% of the traffic to HSBC HK's Asset Management page is driven by viewers from Mainland China. #Finance #InvestmentTrends #Investment #WealthManagement #HSBC #HongKongFinance

Under Chief Executive Noel Quinn, HSBC navigated a global pandemic and a push by rebel investors to break up the 160-year bank. His surprise departure is an opportunity to accelerate its strategic pivot to Asia, investors say. "I'd expect the candidate would be someone with vast experience in Asian and Middle East markets, who is open minded on the bank's strategy and could re-consider the option of re-domicile HSBC's headquarters to Asia," said Simon Yuen, Hong Kong-based founder of Surich Asset Management. HSBC, Europe's largest lender by assets with a balance sheet of $3 trillion, is increasingly betting on its historic Asian ties to raise profits, as competition crimps revenue growth in other regions. Since the financial crisis of 2008, HSBC has already shrunk its global footprint by around a quarter, exiting low-growth markets to plough capital and resources into Asia. Nevertheless, pressure is mounting on HSBC to reassert its position before ambitious Chinese rivals steal more of its customers and slowly erode its Hong Kong dominance. "A lot of the world's wealthy and high net worth individuals are based in Asia which means HSBC should put their first priority and major business focus in Asia, particularly China markets," said the Hong Kong-based founder. India and Dubai should be next in its focus, he added. Although Quinn was head of Commercial Banking for Asia-Pacific in Hong Kong between 2011 and 2015, some sources said he was short of the broad Asian experience believed necessary to fulfil the bank's potential in the region, and appease its increasingly vocal investor base. "The group should consider candidates in Asia or Hong Kong, who have better experience doing business in the region...For our small shareholders, HSBC is a Hong Kong company," a Hong Kong-based activist shareholder, who backed a recent campaign by HSBC's largest shareholder PING AN Insurance to spin off its Asia business, said. Source: Reuters News Agency #china #asiapacific #chineseeconomy #globalfinance #banking #capitalmarkets #crossborder #wealthmanagement #assetmanagement #investment

HSBC has been connecting capital flows between Asia and the Middle East for over a century, which is why the momentum we see between the two regions today is arguably one of the most exciting mega trends in economics at the moment. Read more in the report by my colleagues Frederic Neumann and Simon Williams where they outline the major drivers behind a trade corridor set to double in size over the next decade to almost US$2 trillion. https://lnkd.in/dN6iaAZq. #HSBC

📉💼 HSBC Predicts 6 US Rate Cuts by June 2025, a Boost for Hong Kong’s Economy! 💰📈 HSBC forecasts six more US rate cuts, which could lower funding costs and fuel Hong Kong's economic recovery. Despite this, there hasn't been an immediate spike in demand for loans, but the lower rates are already sparking market activity. 🏙️ Key Points: -HSBC anticipates 6 rate cuts from the Federal Reserve, which could bring the target rate to 3.25-3.50% by June 2025. -Lower rates benefit Hong Kong's economy and markets, with increased activity in stocks and wealth management. -HSBC's CEO, Luanne Lim, highlights the impact on SMEs and the real estate market, while the commercial property sector remains soft. -Big investors are still confident in Hong Kong, with Hongkong Land announcing major investments. 🔗 As Hong Kong's largest lender, HSBC is playing a critical role in supporting the city's recovery. Lower rates could be a game changer for businesses looking to expand! #BusinessTips #InvestorRelations #CulturalSensitivity #Networking #Reciprocity #AsianInvestors #BusinessGrowth #RelationshipBuilding #marvelsuccessworldwidelimited #property #propertyinvestment #realestate #UKPropertyDeals #AsianInvestorMarket #UKPropertyDeals #AsianInvestors #InvestmentOpportunities #BuildingTrust #RealEstate #GuideBook