HSBC sets up private banking business in Thailand, second in Southeast Asia

[webfact]

HSBC sets up private banking business in Thailand, second in Southeast Asia

 

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid/

 

SINGAPORE (Reuters) - HSBC Holdings PLC said on Monday it had set up a new private banking business in Thailand, the Asia-focused lender's second onshore expansion in Southeast Asia, as it seeks to grab a bigger share of the growing rich population.

 

HSBC said the new private bank, which is in one of the most promising wealth markets in Asia, will help it provide clients with access to international capital markets by leveraging its existing infrastructure of advisory and investment methodologies in Asia.

 

"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.

 

Last year, HSBC combined its global private banking and retail wealth businesses to create a new unit that manages more than $1.4 trillion in clients' assets, with half coming from Asia.

 

The team in Thailand will cover client management and advisory services while clients' assets will be booked in HSBC Private Banking in Singapore, a regional wealth management hub.

 

Credit Suisse had set up its Thai wealth management business in 2016 and Julius Baer teamed up with Siam Commercial Bank in 2018 to cater to high net worth individuals.

 

(Reporting by Anshuman Daga; Editing by Amy Caren Daniel)

 

-- © Copyright Reuters 2021-02-01

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[Kwasaki]

Lucky for rich Thai people woopeeee.!

[Tropicalevo]

post removed

Edited February 1, 2021 by Tropicalevo

[Srikcir]

Doesn't CitiBank in Thailand also provide wealth management services through CitiGold Wealth Management Service?

 

[DaLa]

I had a HSBC account in Thailand 8-9 years ago and then HSBC closed its operation here. It was going to make transfers from the UK to Thailand much easier and the deposit required for immigration. So now what has changed their minds ?

[1Gringo]

I still have an HSBC account and I wouldn't recommend HSBC to my worst enemy.

[userabcd]

2 hours ago, DaLa said:

I had a HSBC account in Thailand 8-9 years ago and then HSBC closed its operation here. It was going to make transfers from the UK to Thailand much easier and the deposit required for immigration. So now what has changed their minds ?

Wealthy Thais and possibly other residents to get their hands on their money.

Edited February 2, 2021 by userabcd

[lungbing]

I have been with HSBC for literally 50 years, since they were the Midland Bank in the UK.  Never had a problem.  My only gripe is the minimum of 40 minutes wait  when I rang their help line and the need to understand Urdu when finally I got through.

(The helpline was needed to talk me though moving from a physical secure key to a digital one)

[ukrules]

16 minutes ago, lungbing said:

I have been with HSBC for literally 50 years, since they were the Midland Bank in the UK.  Never had a problem.  My only gripe is the minimum of 40 minutes wait  when I rang their help line and the need to understand Urdu when finally I got through.

(The helpline was needed to talk me though moving from a physical secure key to a digital one)

 

If they catch you spending your own money on a Bitcoin purchase due to a transfer to an exchange then they will close your account immediately based on what I've heard.

 

I've yet to hear if they do this to people who owe them a many thousands in overdrafts, unsecured personal loans and credit cards but it would be interesting to know.

 

[schweizer]

I maintain my Credit Suisse accounts back in CH, but use the BKK office for legal signatory requirements etc. it helps to have an efficient bank, which cannot be said for most local banks