HSBC Plans to Invest over USD$3.5 Billion in Asian Wealth Management Expansion, Increase Chinese Staff by 3,000


British investment bank HSBC has unveiled plans to invest heavily in the expansion of its wealth management operations in the Asia-Pacific.

HSBC recently announced that it plans to invest USD$3.5 billion over the upcoming five years on the expansion of its services team, the upgrade of its digital services capability and the development of new products, according to a 26 February report from Jiemian.

The goal of the investment will be “accelerate the growth of Asian wealth management and personal banking operations,” with HSBC planning to recruit over 5,000 staff for its wealth management division over the next five years, of which 3,000 will be wealth management experts based in China.

HSBC said that it also plans to continue to invest heavily in the Hong Kong market.