HSBC UK unveils wealth centre to attract affluent clients
The $5m hub, located on the top floors of Smithson Tower in the heart of St James's, is intended to serve as a premium destination for the bank's Premier and Private Banking clients.
Moreover, the move is part of HSBC's larger aim to extend its wealth management footprint in the United Kingdom, building on the success of its Asian and other global financial hubs.
The new workspace takes up the seventh and eighth floors of the historic skyscraper and includes customised conference areas for relationship managers to welcome customers by invitation only. It also has an open-plan event room on the eighth level for private lectures, educational sessions, and networking gatherings.
Christopher Dean, Managing Director of Premier, Wealth and Personal Banking at HSBC UK, said: 'Our brand-new wealth centre is a significant anchor point in the UK; a prestigious location for us to both welcome our customers and open international corridors.
'We know that as people work through financial milestones, their wealth needs tend to become more sophisticated. While a stand-out digital offering remains essential, and we continue to invest in enhancing those capabilities, our customers really value face-to-face interactions and deeper relationships when it comes to managing their finances. The centre is a dedicated space for us to offer customers this valued face-time.
'Our data also shows that Premier customers value the branch network, which is why we're also investing in creating premium spaces for our Premier customers in more than 50 branches, maximising opportunities for those in-person moments that matter.'
The decision comes as HSBC UK aims to become one of the top five wealth managers in the country. To further this goal, the bank is renovating 50 of its flagship branches to incorporate dedicated Premier lounges. Belgravia, Muswell Hill, Leeds Park Row, and Leicester have already had their sites updated, with more planned before the end of the year.
At the same time, the bank is expanding rapidly, with plans to hire 50% more Premier relationship managers and similar positions around the country.
This surge in investment is coupled with recent service enhancements, including a reduction in the financial advice fee for Premier customers to 1%, the rollout of a new switching incentive, and a lowered threshold for accessing Premier Investment Management.
HSBC has a long history of developing wealth centres around the world. In the last year, it has opened comparable hubs in Hong Kong, Singapore, Malaysia, Taiwan, and mainland China. According to the bank's global data, affluent consumers are increasingly looking to diversify their portfolios globally, with the UK remaining a top three investment destination.
"HSBC UK unveils wealth centre to attract affluent clients" was originally created and published by Private Banker International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Journals
18 minutes ago
- Business Journals
Minority-owned businesses in Kansas City
Minority-owned businesses in the Kansas City area made over $5 billion in revenue last year. This year's List features 23 Black-owned businesses, 17 Hispanic or Latinx-owned business, 11 Asian-owned businesses and more. Companies on this List are majority-owned by racial or ethnic minorities in Jackson, Ray, Platte, Cass and Clay in Missouri; and Johnson, Wyandotte and Leavenworth in Kansas. Information on The List was supplied by individual firms through questionnaires that KCBJ could not independently verify. For information about this and other Kansas City Business Journal Lists, please contact Data Reporter Elizabeth Yost at eyost@ or 816-777-2202.
Washington Post
20 minutes ago
- Washington Post
U.S.-China trade war is a battle to build walls
The Trump administration wants to enlist Southeast Asian countries to build a giant wall around China. The idea is to reduce the countries' reliance on Chinese supply chains, ween them off Chinese exports, and get them to stop letting China transship goods through their ports to evade U.S. tariffs. This was a major point in President Donald Trump's recent trade deal with Vietnam, which imposes a 40 percent tariff on transshipped goods, almost all of which come from China. The Asian countries themselves, meanwhile, are talking about building a different kind of wall — a wall of self-reliance to insulate themselves from the unpredictable trade moves emanating from Washington. Asian leaders now talk incessantly about the need to increase intra-Asian trade as a counterweight to their overreliance on the American market. In April, President Xi Jinping spoke in favor of uniting the 'Asian family.' Chinese officials call this expanding the country's 'circle of friends.' And many Asians outside China seem to agree. 'We need to fortify our internal foundations,' Malaysian Prime Minister Anwar Ibrahim told a meeting of the Association of Southeast Asian Nations earlier this month. 'Trade more among ourselves, invest more in one another, and advance integration across sectors with resolve.' So whose wall is more likely to be built? China is clearly expanding its Asian trade. For more than a decade, it has been Southeast Asia's largest trading partner. China is right next door, after all, and has 1.4 billion consumers. And its long-standing trade ties appear to be deepening. In the first five months of this year, trade with Southeast Asia jumped more than 9 percent. In June, China's Southeast Asian exports surged by 16.8 percent year-over-year. Also, anecdotal evidence suggests that intra-Asian trade is growing. In Bangkok, anyone who calls for a GrabCar — the regional equivalent of Uber — is likely to get picked up in a new Chinese-made BYD or Aion electric car, rather than a Tesla. Japanese retail stores like Uniqlo, Isetan, Sogo and Muji dominate regional shopping malls. South Korean LG and Samsung, and Chinese Haier are the top-selling appliance brands. Sales of Chinese Xiaomi and Huawei smartphones now rival those of Apple iPhone. Of course, trade flows in both directions. Southeast Asian textiles, durian, frozen shrimp, rice, coconuts and other delicacies are finding their way onto a growing number of Chinese dinner tables, including in the hinterlands, thanks to China's new 21st century 'Maritime Silk Road.' Then there's Asia's undeniable cultural 'wall.' K-pop, Korean dramas and Korean beauty products are winning fans across the region. 'Squid Game' topped Netflix charts across Asia. But this is not to say that Asia might succeed in walling itself off from America. Steven Okun, an expert on international trade who is the CEO of APAC Advisors, a Singapore-based consultancy, explained the reality to me. 'First,' he said, 'the larger economies' — meaning South Korea, Vietnam, Malaysia — 'are too exposed to the U.S. market and there is no replacing it.' 'Second, the countries are at least as afraid, if not more, of China coming in and dumping all their excess capacity into their markets — just as China has done to the U.S.,' Okun said. 'If any walls get built, it will be to keep the Chinese out.' In other words, the United States remains the global behemoth, a veritable vacuum for consumer products. American household spending hit an eye-popping $19 trillion in 2023 — double the figure for the European Union and nearly triple that of China. What's more, for many in Asia, the risk of becoming overly dependent on Beijing looms large. Indonesia has been actively strengthening its various antidumping laws, and recently even banned e-commerce giant Temu over fears it would destroy local businesses. Thailand is eyeing anti-circumvention duties on a host of imported products, mostly from China. Asians want to benefit from China's growth but avoid being crushed by its economic might. Trump's wall relies on rallying allies who are deeply dependent on the global economy and wary of China. China's wall relies on promoting regional self-sufficiency as a counterweight to Washington's unpredictability. Look for regional economic integration to increase. Two-way trade numbers will go up. There will be more Chinese smartphones, appliances and electric vehicles in Asian cities. But America's market dominance looks set to persist for years to come. Asian countries won't be able to wall themselves off anytime soon.
Business Insider
4 hours ago
- Business Insider
CVX, XOM, SHEL: Oil Prices Recover on News of U.S. Trade Deals and Inventory Decline
Oil prices are recovering as the U.S. announces trade deals with countries such as Japan and reports emerge of a sharp decline in American crude inventories. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Brent crude oil, the international standard, is up 1% and trading at $69.06 a barrel. West Texas Intermediate (WTI) crude, the U.S. benchmark, is also up 1% at $65.91 per barrel. Analysts say that energy markets are now focused on U.S.-European Union trade talks and whether the two powers can reach a negotiated deal before U.S. President Donald Trump's August 1 tariff deadline. A recent trade deal with Japan lowers duties on automotive imports and spares the Asian nation from new levies in exchange for a $550 billion package of investments and loans sent to America. Still, uncertainty over U.S.-China trade negotiations and the ongoing war between Ukraine and Russia are limiting further upside in oil prices, say some analysts. The rise in crude prices is helping to lift the stocks of oil majors such as Chevron (CVX), ExxonMobil (XOM), and Shell (SHEL). Inventories Fall In recent months, WTI crude oil has been range-bound between $60 and $70 a barrel. On the supply side, the U.S. Energy Information Administration has reported that U.S. crude oil inventories fell last week by 3.2 million barrels to a total of 419 million barrels. That decline was greater than the 1.6-million-barrel drawdown expected among analysts. Separately, foreign oil tankers were temporarily prevented from loading at Russia's main Black Sea ports due to new regulations, effectively halting exports from Kazakhstan. And the U.S. government has reiterated that it is considering sanctions on Russian oil to help end the ongoing war in Ukraine. Is CVX Stock a Buy? The stock of Chevron has a consensus Moderate Buy rating among 15 Wall Street analysts. That rating is based on nine Buy, five Hold, and one Sell recommendations assigned in the last three months. The average CVX price target of $164.00 implies 9.30% upside from current levels.
