THE local office of the Hong Kong Shanghai Banking Corp. Ltd. (HSBC) announced last Wednesday that it has launched a new wealth management business in the country, allowing locals to place their money in various investment vehicles via the foreign bank.
In a news briefing, HSBC Philippines officials said the lender has expanded its wealth investment offerings through its new business it branded “HSBC Wealth.” The lender said “HSBC Wealth” will be incorporated as HSBC Investment and Insurance Brokerage Philippines Inc. (HIIB).
The bank said the launch is set to capture the “strong wealth accumulation” in the Philippines borne from its strong economy, noting that they expect the number of Filipino multi-millionaires to more than double by 2030.
The new HSBC business is set to offer a range of Unit Investment Trust Funds (UITFs) that cover a range of asset classes and risk profiles. This expanded range, according to the bank, will complement currently available fixed income investment and investment-linked insurance products.
The funds will also come in different currencies and are managed by HSBC’s partners locally and across the globe.
“The launch of HSBC Philippines’s new business is timely given that in the Philippines, rising wealth is observed through increasing bank deposits and investments in securities. The Philippines has one of the most favorable demographics in the region. With a rising and young population, the Philippine economy is in a strong position to reap the benefits of its demographic dividends in the coming years,” HSBC Private Banking and Wealth Southeast Asia Chief Investment Officer James Cheo said.
HSBC Philippines President and CEO Sandeep Uppal also said the launch “demonstrates their confidence in the country” and “reaffirms their commitment in bridging customers with the rest of the world.”
In line with the new offering, HSBC also said it has dedicated a hub for client engagements of HSBC Wealth beside their Bonifacio Global City Branch. The bank said other wealth hubs will also be strategically set up in areas where HSBC is present in the country soon.
“This new brokerage business marks our continued investments in the Philippines with new capital, a wider suite of products and better customer experience through our enhanced digital capabilities,” HIIB Vice Chairman Peter Faulhaber said.