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Tag: HSBC

  • HSBC Adds Digital Investment Tools to Woo Millennials

    HSBC Adds Digital Investment Tools to Woo Millennials

    The bank is enhancing its digital investment capabilities with a series of new solutions, including $0 commission stock trading, wealth coach and a revamped fund investment platform.

    HSBC has launched three digital solutions, including Trade25, Wealth Coach and the enhanced FlexInvest platform to better cater to millennials, a segment that accounted for nearly 50 percent of the bank’s new customers in Hong Kong in the first half of this year.

    Our new solutions focus on addressing what matters most to our young customers, ensuring that they have the necessary tools to embark on their wealth journey and thrive financially in the long run, Brian Hui, HSBC head of customer propositions, international and marketing, wealth and personal banking, Hong Kong, said.

    Designed for traders aged 18 to 25, Trade25 provides $0 commission and $0 platform fees for trading Hong Kong, U.S. and China A shares, and includes a financial education hub for customers to learn and boost their stock trading knowledge.

    The Wealth Coach gives young customers personalized advice on investments and personal finance via mobile chat or Zoom, and the FlexInvest unit trust investment platform is being upgraded to allow customers to easily identify their preferred funds for building their investment portfolio.

    According to the bank, millennials are one of the key pillars of HSBC’s Asian Wealth strategy. In Hong Kong, the number of new to bank millennial customers for the first six months in 2021 jumped by over 30 percent, compared to the same period last year.

    It attributed this growth to its «HSBC One» proposition and its Wealth A0 investment education and empowerment campaign, launched in the second quarter of the year.

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  • Temasek and HSBC Launch Platform for Sustainable Infrastructure

    Temasek and HSBC Launch Platform for Sustainable Infrastructure

    The platform will provide debt financing for projects in Asia, with an initial focus on Southeast Asia, as part of efforts to reduce climate change.

    Temasek will be working with HSBC to catalyze financing of marginally bankable sustainable infrastructure projects, so as to address the challenges and opportunities presented by climate change, according to an announcement on Thursday.

    The two sides will initially invest $150 million of equity to fund loans, with a goal to scale up the platform to $1 billion of loans within five years to support the commercial development of the region’s sustainable infrastructure sector.

    Based in Singapore, the platform aims to harness the market’s financial expertise and connectivity to scale up the development of sustainable infrastructure across Southeast Asia in time, the announcement said.

    Neither private nor public sector can close the financing gap alone,» Noel Quinn said. «Collaborations matter in the fight against climate change, and this partnership provides an impactful model for others to follow.

    The platform will target renewable energy and storage, water and waste treatment, and sustainable transport to help meet carbon reduction targets and build resilience to offset the impact of climate change.

    Strategic partners Asian Development Bank will provide technical assistance and project development expertise, while Clifford Capital Holdings will provide its project finance expertise as well as ongoing operational mid and back-office support to the platform.

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  • HSBC Hires Digital Platforms Specialist in Singapore

    HSBC Hires Digital Platforms Specialist in Singapore

    The bank said the newly created role will help one of its key pillars of embedding its solutions into the digital platforms that its clients are adopting.

    HSBC has appointed Aman Narain as head of platforms for global commercial banking, a role in which he will lead its strategy, including the development, commercialization and innovation of propositions, according to an announcement on Wednesday.

    Narain joins the bank from Google, where he was instrumental in the build-out and commercialization of revenue-generating ecosystems, including the launch of Google Pay in Singapore and the design of the GooglePlex account in the U.S.. He previously led digital and marketing transformation for Schroders and held various leadership positions at Standard Chartered.

    Based in Singapore, Narain will report to Stuart Tait, regional head of commercial banking, Asia Pacific.

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  • HSBC lowers Vietnam’s growth forecast

    HSBC lowers Vietnam’s growth forecast

    Lender HSBC has lowered its growth forecast for Vietnam from 7.1 percent to 5.1 percent given the ongoing fourth Covid-19 wave that has disrupted key economic activities.

    “The impact of the Delta variant as it spread across the country and in particular the economic heartland of Vietnam in the south meant a swift re-introduction of lockdowns and travel restrictions,” said CEO of HSBC Vietnam Tim Evans in a recent note.

    He forecast GDP growth would be in the range of 5-5.5 percent, depending on the speed and effectiveness of the vaccination rollout, re-opening of the economy and recovery and resumption of major export markets.

    But growth could only reach 3.5-4 percent if the vaccination programme is not fast enough and lockdown and social distancing continue to be lengthened, he said.

    This will cause more adverse impacts on the economy amid increased pressure on supply chains, he added.

    Vietnam in recent months has seen unprecedented disruption to its supply chain, which has caused declining industrial production while key global brands struggled to keep manufacturing going.

    In August, mobility in the country fell 60 percent on average from pre-pandemic levels, which resulted in a 40 percent year-on-year drop in retail sales, HSBC data shows.

    But there are positive signals that indicate an imminent recovery. Ho Chi Minh City, the Covid-19 epicenter, has given the first Covid-19 vaccination dose to nearly 90 percent of its population and is set to have the majority of residents fully vaccinated by the end of this month.

    The State Bank of Vietnam (SBV) has increased credit growth for some commercial banks from 10-12 percent to 14-15 percent this year, which would allow banks to lend more.

    Vietnam remains a highly attractive investment destination in the medium term, given the recent reports of investment from Samsung and LG Display, Evans said.

    “Strong foreign currency reserves coupled with a stable currency, inflation being under-control, continued strong FDI inflows with an emphasis on the manufacturing sector all position Vietnam will for the future.”

    HSBC forecasts next year’s GDP growth at 6.8 percent. It was 2.9 percent last year.

    Several other organizations including the World Bank and Asian Development Bank have lowered their growth forecast for Vietnam because of Covid-19.

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  • HSBC Plans for Permanent Hybrid Work Model

    HSBC Plans for Permanent Hybrid Work Model

    HSBC is the latest to embrace hybrid working with plans to make it a permanent model for the bank worldwide.

    My own view on the return to office is it would be a waste if we didn’t learn from the last 18 months, said HSBC group chief executive Noel Quinn.

    The bank’s work-from-home embracement is part of broader plans to cut costs including a 40 percent reduction in property footprint in the coming years. It also changed its office policy to include two employees per desk, excluding branches, and scrapped the executive floor of its London-based headquarter.

    We’ve learned to live and operate in a very different way, Quinn said, though he noted that he didn’t want to be overly prescriptive.

    Despite the plans, Quinn highlighted some of the advantages of the physical workspace such as social relationships or spontaneity.

    I don’t want to lose that DNA and that teamwork, he said. I’m really glad to be back in the office, seeing colleagues and having conversations in the corridor or in getting stuff done on the spur of the moment, rather than having to book a VC call or a telephone call.

    Quinn also highlighted traveling in the pandemic era, with the bank expecting budget in this area to shrink by 50 percent.

    I remember one day sitting at home, I traveled the world in a day, talking to clients in different parts of the world, he said. You can’t do that forever. You still want to have face-to-face interaction.

    Global banks remain divided on work-from-home measures with some like Citi and Standard Chartered signaling or planning a permanent shift while others like Goldman Sachs and Morgan Stanley preferring a return to the office.

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  • HSBC Bolsters ASEAN Sustainability

    HSBC Bolsters ASEAN Sustainability

    HSBC strengthens its sustainability-related capabilities in Southeast Asia with the appointment of a newly created role.

    Kelvin Tan has been named head of sustainable finance and investments, ASEAN, according to a statement, reporting to Singapore chief executive Kee Joo Wong.

    Based in Singapore, Tan will be tasked with supporting Singapore-based clients with their low carbon transition needs. He will oversee the provision of sustainability-linked finance, support the development of innovative climate solutions, lead cross-business and cross-market collaboration across the bank’s ASEAN franchises and enhance employee education on sustainability.

    Tan was most recently CEO of HSBC Thailand, a role he held since 2015.

    According to the Asian Development Bank (ADB), ASEAN is projected to experience some of the most significant temperature increases worldwide which, if left unaddressed, could reduce regional GDP by up to 11 percent by the end of the century.

    The region is also facing a $100 billion per year infrastructure gap, ADB added, which may have worsened during the pandemic.

    Southeast Asia is one of the most vulnerable regions in the world to climate change-related natural disasters. If nothing is done, the environmental, social and economic impact of climate change will be profound, Wong said. Tan’s extensive experience in Singapore and across ASEAN markets, as well as his proven commercial banking ability, makes him the perfect candidate to ensure we take further strides towards a more strategic and coordinated approach.

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  • Hang Seng Replaces Ailing Chief

    Hang Seng Replaces Ailing Chief

    Major local lender Hang Seng Bank has named a new chief executive to replace Louisa Cheang, who will extend her leave of absence over medical reasons.

    Diana Cesar has been appointed chief executive at Hang Seng, according to a statement, effective September 1.

    Cesar joins from HSBC – Hang Seng’s top shareholder and parent – where she is currently its Hong Kong CEO. She first joined HSBC in 1999 and has since held various senior roles before she was named Hong Kong CEO in 2015.

    Cesar is the right person to build on Cheang’s record and take Hang Seng to the next level, said HSBC’s APAC co-CEO David Liao in a statement. Hong Kong has a bright future, and under Diana’s direction, Hang Seng will be there to help our customers make the most of new opportunities.

    Cesar replaces Louisa Cheang Wai-wan who was in the midst of a three-month medical break announced in May.

    Cheang was made CEO at Hang Seng in 2017, also joining from parent group HSBC where she held senior roles like group general manager and group head of retail banking. She first joined HSBC in its credit card department in 1999.

    At HSBC, Hong Kong chief operating officer Luanne Lim – who also first joined the British lender in 1999 – will step in to serve as interim Hong Kong CEO until a successor is appointed.

    Liao will become a non-executive director of Hang Seng Bank, effective September 1, replacing Peter Wong who retired from his role as APAC CEO and has become a non-executive chairman at HSBC.

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  • HSBC Launches Portfolio-Based Advisory for HNW Clients

    HSBC Launches Portfolio-Based Advisory for HNW Clients

    HSBC continues expanding its wealth management offering with the latest addition of a portfolio-based advisory solution.

    HSBC has launched its portfolio-based advisory solution Wealth Portfolio Plus (WPP) targeting its Hong Kong-based Jade segment – clients with $1 million or more in investable assets.

    Previously, HSBC Jade clients could only select individual products that are aligned to their risk profiles but the new offering will enable them to review investment portfolios holistically and grant access to a wider range of products.

    We’re thrilled to bring portfolio-based advisory services to customers for the first time outside of a private bank through Wealth Portfolio Plus, powered by BlackRock’s Aladdin Wealth technology, said Sami Abouzahr HSBC’s head of customer wealth, wealth, and personal banking, Hong Kong. Since WPP provides portfolio-level rather than transactional-level analysis, new investment options can then become available to customers that fit their needs.

    The WPP offering follows the launch of risk management solution Wealth Portfolio Intelligence Service (WPIS) last year which targets high net worth and affluent banking clients.

    Thus far, WPIS has generated over 130,000 risk assessment reports and contributed nearly HK$30 billion ($3.86 billion) in net sales growth from more than 70,000 cases of investment portfolio rebalancing.

    HSBC continues to expand its offering as part of its broader ambitions to become a leading wealth manager in Asia by 2025.

    In June, the private bank launched online trading in Asia. And in April, it rolled out institutional services for single-family offices in the region.

  • Asia Assets Climb Higher at HSBC Private Banking

    Asia Assets Climb Higher at HSBC Private Banking

    Assets under management at HSBC Private Banking climbed higher, driven in part by more than $9 billion of net new inflows in the first half of 2021.

    Asia assets under management at HSBC Private Banking grew 25 percent to $193 billion in the first half of this year, according to a statement, driven in part by $9.3 billion of net new money inflows.

    This accounts for over 45 percent of HSBC Private Banking’s total assets under management worldwide at $427 billion, according to its recent interim report.

    In addition to private banking, HSBC also saw growth across its affluent segments in Asia – Premier and Jade – with a 7 percent increase in the number of affluent and higher net worth clients to 1.7 million.

    Asian wealth revenues in the first half increased 26 percent and account for much of global wealth revenue growth.

    Asian wealth balances – the sum of client assets from HSBC’s Premier, Jade, and private banking segments – reached a new high of $810 billion and accounted for $49 percent of global assets.

    HSBC continues to pursue its ambitions of becoming a leading wealth manager by 2025.

    It has rolled out a series of mobile solutions and digital enhancements for wealth clients in key Asian markets.

    The bank also added around 600 full-time employees in the first half – including 350 personal wealth planners for its mainland China mobile services HSBC Pinnacle with plans to add another 100. The bank said it is on track to hire over 1,00 client-face wealth staff in Asia by the end of 2021.

    The positive momentum of our Asian Wealth business this year shows the traction we are seeing on-the-ground with our clients, as we forge ahead with our considerable investments in technology, products, and people,» said APAC regional head of wealth and personal banking Greg Hingston.

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  • HSBC Boosts First-Year Banker Pay

    HSBC Boosts First-Year Banker Pay

    HSBC is reportedly the latest global bank to join the Wall Street trend of increasing salaries for junior executives.

    Salaries of first-year analysts at HSBC’s investment bank will increase from $85,00 to $100,000, according to a report citing unnamed sources.

    The bank introduced pay rises for existing analysts and associates in May.

    London-headquartered HSBC joins a number of global financial institutions increasing wages to compete for investment banking talent including UBS, Credit Suisse, Goldman Sachs, Morgan Stanley, J.P. Morgan, Citigroup and Deutsche Bank.

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  • HSBC Names Head of Qatar Private Banking

    HSBC Names Head of Qatar Private Banking

    The bank has named a long-standing stalwart to enhance HSBC’s client proposition in Qatar.

    HSBC has named Ibrahim Al Abed as its head of private banking in Qatar, according to an announcement on Wednesday.

    Based in Qatar, Al Abed reports to Sobhi Tabbara, global market head, Middle East and North Africa, Private Banking, and Abdul Hakeem Mostafawi, CEO of HSBC Qatar.

    Al Abed joined the HSBC’s Qatar office in 1999 and has worked across Digital Business Services and Global Operations before moving to Wealth & Personal Banking, after which he joined Markets & Securities Services in 2004 to become the head of corporate sales.

    In the announcement, Tabbara said Qatar is a «very important market for Private Banking in MENAT.»

    HSBC’s history spans 67 years in the Gulf nation, where it offers a full suite of banking products and services, including wealth management and personal banking, commercial banking, global banking and markets, and security services.

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  • StanChart Nabs HSBC Private Banker

    StanChart Nabs HSBC Private Banker

    Standard Chartered Private Bank has expanded its Southeast Asia unit with the addition of a relationship manager from rival HSBC.

    Nipud Sud joins Standard Chartered Private Bank as an executive director and relationship manager, according to a note, effective August 2.

    Based in Singapore, Sud reports to senior client partner Suresh Nair who joined the bank in January this year and reports to private banking team lead of Singapore and Malaysia Adeline Chow.

    Sud has 18 years of banking experience, including ten in private banking with Citi, J.P. Morgan and, most recently, HSBC covering ASEAN and Hong Kong clients.

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  • HSBC sees challenges to Vietnam economy in H2

    HSBC sees challenges to Vietnam economy in H2

    HSBC expects Vietnam’s economy to face challenges related to foreign exchange and interest rates in the second half of this year.

    Ngo Dang Khoa, head of global markets at HSBC Vietnam, said recent outbreaks of Covid-19 have sparked worries about production being interrupted for a long time, which would affect the country’s recovery.

    “With many industrial parks being closed down and social distancing prolonging, growth momentum in the third quarter, in particular, will surely face many challenges.”

    Social distancing to prevent the disease from spreading has affected consumer outlook and the recovery of services and tourism, while the new coronavirus mutants and slow vaccination would delay the reopening of borders to foreign investors and tourists, he said.

    “It is necessary to adopt timely fiscal and monetary policies to safeguard the economy.”

    It would be difficult to maintain a stable dong-U.S. dollar exchange rate in the second half unlike in the first mainly because of Vietnam’s trade deficit, inflation worries and the possible rise in U.S. interest rates, he said.

    He predicted the exchange rate to be VND23,100 to the dollar by year-end.

    Asian countries including Vietnam have yet to see inflationary pressure, but if prices continue to increase, it might have to increase interest rates, he said. Vietnam should not increase interest rates too early or too quickly since its economy has been severely affected by the pandemic, he said.

    HSBC recently revised upward its forecast for Vietnam’s economic growth next year to 6.8 percent from the earlier 6.5 percent but lowered it to 6.1 percent from 6.6 percent for this year.

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  • HSBC Snags UBS Investment Management Specialist

    HSBC Snags UBS Investment Management Specialist

    He will lead HSBC’s investments and wealth solutions team in Asia, which covers global private banking and wealth and personal banking.

    HSBC has appointed Stefan Lecher as regional head of investments and wealth solutions (IWS), Asia Pacific, with effect from 3 October 2021, according to an announcement on Thursday. He will be based in Hong Kong, reporting to Lavanya Chari, global head IWS.

    Lecher joins from UBS, where he has held a number of senior roles in global wealth management and asset management over the past 17 years, most recently as APAC head CIO for global investment management.

    HSBC said the appointment is key to its Asia wealth strategy, which targets becoming a leading wealth manager in the next five years, with $3.5 billion in investment.

  • HSBC Names Regional Fund Selection Head

    HSBC Names Regional Fund Selection Head

    She will succeed Virginia Devereux Wong, regional head of funds and ETFs, who will be leaving HSBC Private Banking at the end of June.

    Lina Lim, regional head of discretionary, Asia, will take on the expanded role of regional head of discretionary and funds, citing a HSBC spokesperson.

    In her new role, which combines Wong’s responsibilities, Lim will oversee discretionary, funds and ETFs in Asia. She will lead the team to introduce products by leveraging HSBC’s product manufacturing capabilities, HSBC said.

    Lim joined HSBC Private Bank’s Investment Services and Product Solutions (ISPS) team in Asia Pacific in 2019 as regional head of discretionary, Asia, following over 13 years at J.P. Morgan in various roles, including head of its Institutional Wealth Management discretionary business in Asia for family offices.

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