HSBC Holdings Plc is ahead of its hiring targets for its Chinese retail wealth management business and is exploring re-entering India's private banking business, senior executives said, as part of its plan to make Asia and wealth key pillars of growth.
is ploughing $3.5 billion into its wealth and personal banking business, in line with its ambition to become Asia's top wealth manager by 2025.
Asia is the biggest region for HSBC, and the wealth and personal banking unit contributed 44% or $22 billion to London-headquartered HSBC's adjusted global revenue last year. The bank had 20 people operating in China onshore private banking business at the end of last year, said Siew Meng Tan, head of HSBC Private Banking for Asia Pacific.
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