HSBC steps up Singapore and Hong Kong hiring to cash in on Asian goldmine

The bank is planning to add over 1,300 positions by 2022.

Bloomberg reports that HSBC is planning to add over 1,300 positions to its retail and private banking arms by 2022 as the bank aims to capitalise in the growing shift in high-net worth wealth in Asia.

Also read: HSBC Singapore rolls out investment advisory platform for high net worth depositors

HSBC will add 700 people in the role of relationship managers, product specialists and family wealth planners with the bulk of planned hires in Hong Kong and Singapore where it will muscle against old-guard incumbents UBS, Citi and Credit Suisse in the race to manage the wealth of Asia’s rapidly growing high-net worth population.

Also read: Singapore and Hong Kong private banks wage war for wealth managers to lure Asia's ultra-rich

The world’s ultra rich are continuing to settle in Asia with the number of HNWIs growing 12.1% to 6.2 million with total wealth holdings of US$21.59t, according to a study by Capgemini. A separate study by Knight Frank notes that 1 in 25 individuals in Asia with a net worth of over US$50m call Singapore home in 2017. 

To respond to this shift in private wealth, the European bank has pledged to invest as much as $17b by 2020 to expand its foothold in the region with the goal of growing revenue from Asia by at least $1b in two years time.

“We have a real opportunity to do more and that’s to further build on Hong Kong and to materially build what we do today in Singapore,” Kevin Martin, the firm’s Asia Pacific head of retail banking and wealth management, said in an interview.

Here’s more from Bloomberg:

Photo from HSBC