HSBC to boost wealth investments in Hong Kong

HSBC plans to significantly expand its wealth management and technology investments in Hong Kong, leveraging the city as a base to capture growth across Asia, CEO Georges Elhedery said. Hong Kong, HSBC’s largest profit contributor, generated USD11.69bn in pre-tax profit last year, up 9.5%, supported by the addition of 800,000 customers. The bank now serves 6.2 million clients, with many new signings from mainland China and overseas. Elhedery said HSBC will redeploy USD1.5bn from low-return markets to focus on Hong Kong, China, Singapore, and India. The bank also plans to hire more wealth managers, open new wealth centres, and integrate artificial intelligence and digital platforms to enhance its services.