HSBC expands China private banking network, launches in two new cities By Reuters

© Reuters. FILE PHOTO: Pedestrians wearing face masks following the coronavirus disease (COVID-19) outbreak, walk past a HSBC bank branch in Hong Kong, China February 22, 2022. REUTERS/Lam Yik

HONG KONG (Reuters) – HSBC Global Private Banking said on Tuesday it had officially launched its business in the large Chinese cities of Chengdu and Hangzhou, in a push to capture a bigger share of China’s wealth market.

The bank also said it plans to explore opportunities in China’s Southwest region. Its existing branches are located in eastern areas where more high net worth individuals reside.

HSBC sees robust demand for wealth management in Chengdu, capital of the western province of Sichuan. The bank has another four branches in Beijing, Shanghai, Guangzhou and Shenzhen. (This story has been corrected to say bank has launched its business in two branches, not opened two new branches, in headline and first paragraph)

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