HSBC expands China wealth business, digital strategy

Reuters November 20, 2023, 01:00 PM UTC
Significance6.6
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Magnitude7.0
Potential8.0
Novelty6.0
Actionability5.0
Immediacy9.0
Credibility9.5

HSBC aims to expand its China wealth business headcount to 3,000 by 2025, having already recruited 1,500 wealth managers since 2021. The bank is committed to a digital-focused strategy, with $3.5 billion invested in Asia in 2021. China's household wealth is projected to grow by 8.5% annually, outpacing the country's economic growth. HSBC targets doubling its wealth clientele to 350 million by 2030. The bank has also acquired Citigroup's China consumer wealth management business.

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