Founded in 1888, HSBC is recognised as the kingdom’s first commercial bank. A pioneering force from the beginning, over the years they have been actively involved in the development of the kingdom’s financial sector by diversifying their services to meet the increasingly sophisticated investment needs of their clients and most recently, launching their onshore private banking business, HSBC Global Private Banking (GPB).
The Kingdom’s Wealth Continues to Grow
According to HSBC Global Research, wealth in Thailand is expected to grow by close to 60% in less than a decade, with the number of millionaires also expected to double within the same period.
This is due to numerous factors including an increase in household wealth due to diversification of investments, consistent growth of the country’s total number of high-net-worth individuals, growing intrigue around digital assets, and regulatory progressiveness from financial institutions and government bureaus. Additionally, there has been an increase in attraction for both domestic and international financial companies to expand to the kingdom that has impacted the overall growth of the economy over the last five years to a decade.
As a result of this growth and continuous change in investor behaviour and preferences, HSBC saw a prime opportunity to position themselves to help clients, families, and businesses grow, manage, and preserve wealth, not only for this generation but for generations to come. This ethos forms the foundation for the launch of HSBC Global Private Banking, an onshore private banking business in Thailand that was unveiled during a recent event.
The Advantages of Private Banking
HSBC GPB offers bespoke services, tailored to fit each client’s unique needs that are carried out by a dedicated team of Bangkok-based Relationship Managers, Investment Counsellors, and Client Service Executives – all of whom have years of collective experience delivering only the best, across the board.
In addition to being taken care of by a talented team, HSBC GPB clients are given access to HSBC’s universal banking model and hybrid service model, which combines digital platforms with value-added human engagement to stay ahead of the curve, and more importantly, deliver services in lieu with the way next-gen users want to interact with their finances.
A Timeless Legacy
HSBC are also known worldwide for their unparalleled international network. Within the ASEAN region, HSBC also offers onshore private banking in Singapore. An affluent country, the bank connects clients to opportunities in other global wealth hubs spanning the United Kingdom, the United States, and Hong Kong.
Moreover, for over 75 years, HSBC Trustee has been the partner for sustaining clients’ family wealth and legacies, making them one of the longest serving private client trustee businesses in Asia. HSBC Trustee offers clients global coverage in Hong Kong, Singapore, the Jersey islands, and the USA. Connections that will also prove advantageous for clients of HSBC GPB in Thailand.
From a broader perspective, throughout their global operations, HSBC GPB is committed to creating opportunities for high-net-worth and ultra-high-net-worth individuals by assisting them with all types of investment needs.
This is also done by connecting them to other parts of the Group, and providing access to the widest range of investment products – including HSBC Alternatives, and HSBC Asset Management’s alternatives division, one of the largest alternative investments platforms overseeing Private Equity and Private Real Estate. Additionally, HSBC GPB’s philanthropy advisory team also helps clients looking to create long-lasting change within their communities, aiding with decision making and fostering connections that will enable positive change.
An Understanding of Asia’s Diverse Financial Landscape
Another reason HSBC is primed to help individuals grow, manage, and preserve wealth is their understanding of the nuances involved in Asian financial dynamics. In Thailand, succession is a significant factor related to wealth as the country has always seen a culture wherein wealth is passed from one generation to the next. Subsequently, HSBC prioritises concerns related to the patriarchs and/or matriarchs of family businesses especially in regard to planning for the future.
HSBC’s track record demonstrates a strong allegiance to investing in Asia and the launch of HSBC GPB cements this, showing HSBC’s desire to forge even stronger bonds with individuals, businesspeople, entrepreneurs and families by helping them achieve their long-term ambitions and support the management of their wealth despite the ever-evolving nature of financial markets.
Insights from the HSBC Team
On the topic of the launch, Annabel Spring, CEO of Global Private Banking and Wealth at HSBC said: “We’re partnering with our clients in Thailand to connect them to new investment opportunities within ASEAN and across our wealth hubs around the world. We uniquely combine deep local understanding, specialist investment expertise, and unparalleled global presence to bring the best of all of HSBC to their families and businesses.”
In the same vein, Siew Meng Tan, Regional Head of Global Private Banking, Asia Pacific at HSBC said, “One year into establishing its onshore presence in Thailand, HSBC is seeing greater demand, and even a sense of urgency, for wealth planning, investment diversification, and international banking from wealthy Asian families, as their needs become more sophisticated and global in nature, amid challenges posted by unprecedented market volatility.”
Giorgio Gamba, CEO of HSBC Thailand, added on: “As the first commercial bank in Thailand, HSBC has always been at the heart of financial innovation. With the launch of our private banking business and the recent introduction of our HSBC Asset Management capabilities, we are now also bringing something new to the Thai wealth market.”
Finally, Saranya Arunsilp, Country Head of Global Private Banking, HSBC Thailand concluded with these words: “I am honoured to be leading HSBC Thailand’s new and exciting journey in bringing HSBC Global Private Banking’s capabilities to the Thai market. The Thailand team looks forward to supporting our customers in connecting them to a world of opportunities.”
For more information about HSBC GPB, visit privatebanking.hsbc.com