HSBC has announced plans to open an Australian office offering private banking services to high net-worth individuals and family offices.
The opening of the new office is part of a move to expand the bank’s presence in the Asia-Pacific region, said HSBC Australia chief executive Tony Cripps.
“Australia is a priority growth market for HSBC, and having a private bank office here will complement and enhance our existing retail, commercial and investment banking businesses,” he said.
“We anticipate significant growth from being able to offer a comprehensive private banking experience to both new and existing customers.”
Families and individuals with more than $10 million in investible assets will have access to a number of HSBC’s services, the bank said, including discretionary investment management, equities and fixed income products, derivatives and more traditional banking services.
HSBC Australia head of private banking Hayden Matthews will lead the private banking business in Australia, and will work closely with the Singapore and Hong Kong offices, the bank said.
“HSBC has achieved strong growth in Australia over the past five years, and private banking is a natural step to continue building our business and meeting our customers’ needs,” Mr Cripps said.