HSBC launches private banking for Thailand’s ultra-wealthy
HSBC Thailand today unveiled its new private banking business for high net worth and ultra-high net worth clients.
HSBC said the new private bank will provide clients access to international capital markets by leveraging its existing infrastructure of advisory, investment methodologies, controls and systems in Asia. The team in Thailand will cover client management and advisory services while clients’ assets will be booked in HSBC Private Banking in Singapore, where HSBC continues to expand its services.
“In Thailand and across Asean, private wealth is closely tied to businesses and the strengthening of intra-regional trade is only expected to accelerate international expansion and stimulate people and wealth flows, even amid the pandemic,” said HSBC Thailand CEO, Kelvin Tan.
HSBC expects assets held by high net worth investors in the region to reach US$40 trillion by 2025. Meanwhile the assets of more than 100,000 high net worth investors in Thailand are expected to rise 12.4 per cent to $548 billion by 2025, the second highest growth in the Asia-Pacific region. Rising wealth is driving greater demand for wealth planning, investment diversification and international banking, said HSBC.
It adds that since 2016, the Bank of Thailand has been introducing a series of additional measures to relax foreign exchange regulation and encourage greater flexibility in the financial markets under the Capital Account Liberalisation Master Plan, opening up opportunities for selective offshore investments.
