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Asia dominates HSBC wealth growth with over half of new assets

HSBC's Wealth and Personal Banking (WPB) unit attracted USD84bn in net new assets in 2023, with USD47bn coming from Asia, emphasising the region's significance to HSBC's wealth management strategy. This contributed to the WPB unit's pre-tax profit doubling to USD11.5bn, with customer revenues hitting USD25.4bn, half of which were from key Asian markets. HSBC's growth in China was notable, with a 53% increase in invested assets, bolstered by the acquisition of Citi’s retail wealth portfolio in China. The bank also reported a global increase in customer accounts by USD41bn and improved customer satisfaction in Asian private banking. HSBC is expanding its "Accelerating Wealth Program" to nurture talent for wealth management roles, highlighting the strategic importance of Asia to HSBC's global wealth business strategy, as stated by HSBC group CEO Noel Quinn.


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