HSBC said the new private bank, which is in one of the most
promising wealth markets in Asia, will help it provide clients
with access to international capital markets by leveraging its
existing infrastructure of advisory and investment methodologies
in Asia.
"In Thailand and across ASEAN, private wealth is often created
and built through business growth and expansion and as
intra-regional trade and activity rebound, we expect commercial,
people and wealth flows to increase," said Philip Kunz, HSBC's
head of global private banking for Southeast Asia.
Last year, HSBC combined its global private banking and retail
wealth businesses to create a new unit that manages more than
$1.4 trillion in clients' assets, with half coming from Asia.
The team in Thailand will cover client management and advisory
services while clients' assets will be booked in HSBC Private
Banking in Singapore, a regional wealth management hub.
Credit Suisse had set up its Thai wealth management business in
2016 and Julius Baer teamed up with Siam Commercial Bank in 2018
to cater to high net worth individuals.
(Reporting by Anshuman Daga; Editing by Amy Caren Daniel)
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