Hang Seng Bank doubles down on wealth hubs despite Beijing’s tighter investment scrutiny
Hong Kong lender says it is expanding its workforce to capture rising demand from high-net-worth clients
The Hong Kong lender recently opened a new wealth management centre at Hysan Place in Causeway Bay, its second such facility after launching its first at Harbour City in Tsim Sha Tsui earlier this year.
The 6,300 sq ft facility, which includes a sky bar for clients, marks Hang Seng’s first presence in a grade A commercial building on Hong Kong Island, where more than 30 per cent of its “Prestige Banking” customers are based.
Hang Seng said it was expanding its workforce alongside its physical network, and planned to increase its relationship managers in general by about 20 per cent this year.
We continue to see very strong demand for account opening and wealth management, whether from domestic or non-domestic customers
The opening of the new wealth centre came amid growing concerns over tighter scrutiny by mainland Chinese tax authorities of residents’ overseas investment income, aided by information exchanged under the Common Reporting Standard (CRS).