The new private bank in Thailand will provide wealth products and services to high net worth (HNW) and ultra-high net worth (UHNW) clients in Asia
HSBC office in Bangalore. (Credit: PageImp/Wikipedia.)
HSBC Private Banking, a part of the HSBC Group, has strengthened its wealth management business in Southeast Asia with the opening of new private banking business in Thailand.
The new private bank in Thailand is aimed at providing wealth products and services to high net worth (HNW) and ultra-high net worth (UHNW) clients in Asia.
HSBC said that the Private Banking business in Thailand marks its second onshore business in South East Asia, following Singapore.
The new team will offer client management and advisory services in Thailand, while the clients’ assets will be booked in the group’s Private Banking business in Singapore.
HSBC Asia Pacific global private banking regional head Siew Meng Tan said: “Our new private bank in Thailand opens up material opportunities for us to serve the fast-growing and increasingly sophisticated private wealth and business needs of new and existing clients in the country.
“This also reflects HSBC’s accelerated investments in our wealth, international and digital capabilities in Singapore, where we support an expanding base of international clients, most of whom are from Southeast Asia, which is rapidly coming into its own as an economic powerhouse with fast-growing HNW and UHNW wealth.
“This connectivity is central to our growth in ASEAN which is key to delivering our ambition to become the No 1 wealth manager in Asia.”
Saranya Arunsilp will lead the onshore team in Thailand, as a global private banking head, with support a local team of relationship managers and investment counsellors working closely with the Singapore teams.
Last year, HSBC Group established a new global business, dubbed Wealth and Personal Banking (WPB), by combining its retail banking and wealth management, asset management, insurance and private banking capabilities.
HSBC Southeast Asia global private banking head Philip Kunz said: “We welcome the progressive opening up of the private wealth investment corridor between Singapore and Thailand, which can serve as a pilot for other markets to ‘green-lane’ wealth flows to serve genuine cross-border investment needs.
“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.
“International banks with the global footprint and full range of capabilities to serve the fast-changing needs of affluent individuals, families and business both onshore and offshore will have a competitive edge.”