Hang Seng Bank doubles down on wealth hubs despite Beijing’s tighter investment scrutiny
Hang Seng Bank says it continues to invest in its wealth centre network to capture growing demand from high-net-worth clients, even as Hong Kong’s wealth management industry faces uncertainty amid Beijing’s tighter scrutiny of mainland Chinese investors’ cross-border investments. The Hong Kong lender recently opened a new wealth management centre at Hysan Place in Causeway Bay, its second such…
Hang Seng Bank is expanding its wealth management operations despite tighter scrutiny from Beijing on cross-border investments from mainland Chinese investors. The Hong Kong bank recently opened a new 6,300 sq ft wealth management centre in Causeway Bay, marking its first presence in a grade A commercial building on Hong Kong Island.
This facility, which includes a sky bar for clients, is located in an area where more than 30 per cent of the bank's "Prestige Banking" customers are based. Hang Seng has also announced plans to open more wealth centres and a retail banking centre at Central MTR station over the next 12 to 18 months. The bank's head of retail banking and wealth, Rannie Lee, stated that the company continues to see strong demand for account opening and wealth management services from both domestic and non-domestic customers.
Despite concerns over tighter scrutiny by mainland Chinese tax authorities through the Common Reporting Standard (CRS), Hang Seng Bank maintains that its wealth management business has seen strong double-digit growth in the first half of the year, adding 60,000 new customers in the second quarter.
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