(Sharecast News) - HSBC Holdings said on Monday it had set up a new private banking business in Thailand, the second in Southeast Asia.
The Asia-focused lender's second onshore expansion in the area is part of a plan to expand and acquire a bigger share of the country's increasingly wealthy population.
According to Reuters, HSBC said the new private bank will help it provide clients with access to international capital markets.
"In Thailand and across ASEAN, private wealth is often created and built through business growth and expansion and as intra-regional trade and activity rebound, we expect commercial, people and wealth flows to increase," said Philip Kunz, HSBC's head of global private banking for Southeast Asia.
In 2020, the bank merged its global private banking and retail wealth business to create a unit that manages over $1.4trn in assets, half of which come from Asia.
The team in Thailand will cover client management and advisory services while clients' assets will be booked at HSBC's Private Banking arm in Singapore.
HSBC Holdings (HSBA)Today 08:59
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