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HSBC establishes new unit in Thailand, eyes wealth management services expansion

The bank’s team in Thailand will carry out services of activities such as advisory and client management

HSBC has established its new private banking business in Thailand. The move by the banking major marks the expansion of its wealth management presence in South-east Asia.

It is reported that the new banking unit in Thailand will pave the path for clients access to international capital markets by leveraging the company’s existing infrastructure across systems, controls, advisory and investment methodologies.

Furthermore, the bank’s team in Thailand will carry out services of activities such as advisory and client management. Saranya Arunsilp will lead the services in Thailand. Ms Saranya Arunsilp holds 14 years of experience in the private banking segment and has 25 years of industry experience.

According to HSBC, the assets of the clients will be booked in the bank’s subsidiary for private banking in Singapore. It is considered a robust hub wealth management hub for South-east Asian high net worth (HNW) individuals. It is reported that HNW’s assets in Singapore are expected to touch the $ 40 million mark in the next four years. While, in Thailand, the assets of HNW investors are expected to surge 12.4 percent to $ 548 billion within the next four years.

Tan Siew Meng, HSBC head of global private banking for Asia-Pacific, told the media, “Our new private bank in Thailand opens up material opportunities for us to serve the fast-growing and increasingly sophisticated private wealth and business needs of new and existing clients in the country. The bank’s connectivity is central to its growth in Asean, which is key to its ambition to become the top wealth manager in Asia. HSBC has over US$1.4 trillion in wealth balances, with half coming from Asia.

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