BEST PRIVATE BANK – HONG KONG
A Chinese slowdown and the aftermath of the recent A-shares fiasco sent ripples through the Hong Kong investing community, dramatically affecting investors’ appetite for trading and the outlook for family businesses. A structural transformation of the Chinese economy and its potential impact on Hong Kong has opened up opportunities for private banks to deliver timely advice, while a regional demographic shift, led by many of Hong Kong’s relatively elder UHNWIs who wish to pass on wealth and businesses to the next generation is increasing the premium placed on wealth planning.
One and a half centuries in the city has undoubtedly helped the “Hong Kong Bank” to develop deep multi-generational relationships that have been tested throughout multiple market cycles and wealth stages.
But it was HSBC Private Bank’s decision to refine its ‘one bank’ strategy to better realise synergies across business lines and eliminate the silo mentality that plagues so many universals that enabled it to withstand market headwinds and post stellar results across key financial metrics in 2016.
HSBC’s pedigree in Hong Kong has allowed the private bank to develop deep and mature business lines, especially in philanthropy and wealth planning. The former, which many banks treat as a marketing cost or a value-added service is, for HSBC Private Bank, a self-sustainable business line and the latter leverages upon established client relationships, delivering truly bespoke solutions that surpass generic trust and estate planning offerings.
“The client will always remain at the centre of our approach and we have a dedicated team of global solutions specialists who offer bespoke corporate finance and non-traditional wealth structuring solutions, which as appropriate, connects our clients to HSBC’s investment banking and commercial banking businesses,” says Kevin Herbert, co-head, North Asia, HSBC Private Bank. “Our Private Wealth Solutions business is one of the global leading private trustee and family office services providers, with over 70 years of experience advising generations of family businesses in Hong Kong and Asia. Our expertise, insights and resources ensure our bespoke counsel and wealth solutions align with the families’ shared vision of wealth management and trust structure, as well as retaining control and wealth for the founding families across generations.”
HSBC Private Bank is Asian Private Banker’s Best Private Bank – Hong Kong for 2016.