HSBC is to relaunch its ‘Premier’ wealth banking brand as it seeks to expand its UK wealth sector presence and attract high net worth individuals (HNWI), according to reports from Reuters.
HSBC UK head of wealth and personal banking, Jose Carvalho, told Reuters that the Premier product would offer financial planning tools, as well as travel, international, and lifestyle benefits.
The bank is targeting customers who have between £100,000 and £2m to invest, according to the reports.
Carvalho previously stated that the bank was aiming to double the assets under management of its British wealth business to £100bn over the next five years, and the bank has plans to restructure its business into four units, including the creation of a new international wealth and premier banking division.
The relaunch of Premier in Britain comes alongside similar roll-outs in Singapore and Hong Kong, with HSBC planning to eventually launch the new services worldwide.
"We think there is substantial growth for us into that segment of 16.5 million customers in Britain, which is going to grow to probably close to 18 million in two or three years' time," Carvalho told Reuters.
He also revealed plans for HSBC to open a new wealth centre in London next year, adding that HSBC would seek to recoup the costs of investment in Premier over time through customers buying more products, including wealth management services.
HSBC will not be charging a fee for the Premier product, Carvalho confirmed.
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