China

HSBC opens Jade Centre in China to cater to High Net Worth Individuals

HSBC has opened its first Jade Centre in China to offer High Net Worth Individuals in China dedicated wealth management services. The Centre will offer tailored relationship management services and wealth solutions, alongside luxury lifestyle opportunities.

The Jade Centre, which has been opened in Shanghai, will service High Net Worth Individuals (HNWIs) with an account balance exceeding USD1 million.

HSBC’s Jade Centres are a global, invitation-only program for the bank’s premier customers. It provides HSBC Premier customers and their families with luxury services, alongside wealth management solutions and priority access to the bank’s best products, pricing, services and people on a global scale.

The Group Head of Customers and Products for HSBC, Annabel Spring, has revealed that HSBC Jade now has nearly 150,000 customers around the globe. In a press release for the opening, she revealed that “as we launch HSBC's first Jade Centre in mainland China, we also unveil the new Jade Passport, which gives our Jade customers in mainland China, Hong Kong and Singapore access to a suite of exclusive privileges across Asia's key wealth hubs."

HSBC has also revealed their intent to follow on from the opening of the Shanghai centre with another in Beijing in 2020. The bank also previously opened two new Jade Centres in Singapore, including one located in the Jewel Changi Airport, according to a report by International Investment.

The President and Chief Executive Officer for China, David Liao, added to Spring’s comments, stating that “around 1.67 million mainland Chinese high net worth individuals held more than six million yuan (USD839,000) in investable financial assets as at the end of 2018. China has the second highest number of high-net-worth individuals in the world and this is expected to increase to 2.41 million by 2023."

Through its new Jade Centre, HSBC hopes to offer services to these emerging HNWIs and provide both the luxury experiences and banking services which these HNWIs require or desire.