HSBC’s Wealth and Personal Banking (WPB) unit attracted US$38 billion of net new invested assets (NNIA) in Asia in 1H24, representing 43% YoY growth as the bank continues to see strong wealth momentum in the region. WPB revenue decreased 11% YoY to US$14,312 million, while profit before tax dropped 25% to US$6,458 million, which contributed to 38% of the group’s […]

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The following is an excerpt from Asian Private Banker’s Bottom Line newsletter – an essential rundown of all of the past week’s essential news and views on the region’s private banking industry. Bottom Line is available to all APB subscribers. HSBC’s decision to appoint insider Georges Elhedery as group CEO brings to a fairly swift conclusion the hunt to replace […]

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HSBC Group CEO Noel Quinn is to retire after almost four decades at the UK-based bank, which reported a muted performance in 1Q24 for its wealth and personal banking (WPB) business. The bank said in a statement on Tuesday that its board has begun “a formal process to find a successor, considering both internal and external candidates”. Quinn, who has […]

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HSBC Wealth and Personal Banking (WPB)’s revenue recorded a 71% jump from the previous year, hitting US$6.7 billion in the third quarter of 2023. In 3Q23, HSBC’s WPB unit saw a 71% YoY jump in revenue, reaching US$6.7 billion, according to the bank’s most recent earnings report. However, when compared to the previous quarter, revenue is down 7%. HSBC owed […]

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HSBC’s Wealth and Personal Banking (WPB) business has recorded a 41% increase in revenue while capturing strong growth in Asian net new invested assets (NNIA). Revenue for WPB reached US$7.2 billion as of the end of 2Q23, compared to US$5.1 billion in the same period a year earlier. Within the WPB unit, Personal Banking revenue for 2Q23 jumped 51% compared […]

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HSBC reported strong growth in its Wealth and Personal Banking (WPB) business in the first quarter of 2023, with Asia capturing US$14 billion in net new assets. HSBC WPB’s 1Q23 total revenues were up US$4 billion to US$9 billion, or 82%. Of this figure, US$2 billion is related to a part reversal of an impairment relating to the disposal of […]

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HSBC reported double-digit revenue growth across its Wealth and Personal Banking (WPB) business in 2022, the UK lender announced on Tuesday, with Asia attracting US$59 billion in newly-invested assets. HSBC’s WPB business saw total year-on-year revenue growth of 16% to US$24.4 billion in 2022. Geographically, the bank saw year-on-year revenue growth of 9% in Hong Kong, and 19% in Asia-ex […]

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HSBC reported good momentum in its Wealth and Personal Banking (WPB) business in 3Q2022, with revenue rising 25% YoY to US$6.3 billion, marking a turnaround from a challenging 1H2022 for the UK-based lender. That jump was propelled primarily by the impact of a higher interest rate environment and balance sheet growth on the group’s personal banking business, HSBC said in […]

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Overcoming a challenging 1H22, the wealth business of HSBC grew its net new invested assets by 9% YoY, bettering most of its European peers. Despite the setbacks in Hong Kong and China markets caused by the pandemic restrictions, HSBC Wealth and Personal Banking (WPB) in 1H22 saw solid growth in the UK, Mexico, and Asia (excluding Hong Kong) in 1H22. […]

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Announcing their 1Q22 results on Tuesday, HSBC and UBS revealed the impact of the pandemic on their wealth management businesses in Asia. Not a good quarter for APAC WM business: UBS For UBS Global Wealth Management (GWM), its 1Q22 profit before tax (PBT) posted healthy gains in Switzerland (+30% YoY) and EMEA (+21% YoY), but fell 38% YoY in APAC […]

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Announcing the FY2021 results, HSBC Group CEO Noel Quinn sounded confident about the prospects for growth in Asia and spoke of carrying “a good momentum coming into 2022”. Net New Assets (NNA) in FY21 increased 21% YoY to US$64 billion, of which Asia accounted for US$36 billion, a YoY jump of 138%. In Wealth and Personal Banking (WPB), the reported […]

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HSBC beat estimates when it reported an adjusted 3Q21 pre-tax profit of US$6.0 billion on Monday, up 36% YoY, with more than half of the total originating from Asia. Asia showed strong revenue trends and it is the region which group CEO Noel Quinn sees as the driver of the bank’s growth. The bank saw strong fee growth in all […]

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HSBC Private Banking has spun two market head roles for Singapore and Malaysia into senior desk heads in the respective markets, in line with its appointment this June of a new market head for ASEAN and Australia. According to an internal memo seen by Asian Private Banker, the previous market head roles for Singapore and Malaysia, occupied by Ken Ng […]

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HSBC’s Asia wealth strategy continued to deliver in 1H21, with 7% more affluent/HNW clients and revenue up 26% YoY. On the back of the recovery of global economic conditions and a cost-effective transformation plan, the British lender’s 1H21 results beat estimates with reported pre-tax profit up 151% from US$4.3 billion to US$10.8 billion and all geographical regions returning to profitability. […]

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HSBC on Tuesday announced it will exit the US retail market and retain a small physical presence in the US to double down on serving the needs of globally connected affluent and HNW clients. Group CEO Noel Quinn acknowledged that the domestic mass market of its US retail banking business were “good businesses” but granted that they “lacked the scale […]

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HSBC has reported its first quarterly results after the announcement of its “pivot to Asia” strategy with an emphasis on the region’s burgeoning wealth markets — beyond its traditional focus on Hong Kong. 1Q21 Asia Wealth balances — which include PB client assets, retail wealth balances, Premier and Jade deposits, as well as asset management distribution — climbed 18% YoY. […]

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While reporting its 4Q20 and FY2020 financial results, HSBC announced its “pivoting to Asia” and its zooming in on the region’s burgeoning wealth markets, beyond its traditional focus on Hong Kong. Noel Quinn, chief executive at the UK lender admitted that the bank’s balance sheet has felt the pinch of falling interest rates and the adverse impact of the global […]

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Asia has continued to demonstrate resilience as HSBC reported a 13% drop YoY in its wealth and personal banking (WPB) business in 3Q20. The lender believes there is still much potential for growth in the region and has vowed to invest in fee-income business, in wealth and private banking in particular. The financial group as a whole has seen a […]

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HSBC’s Global Private Banking (GPB) business recorded a 13% jump in revenue in 1Q20 — its highest quarterly earning since 1Q15 — mainly driven by growth in its Asia operations. The London-based group as a whole saw its 1Q20 revenue drop 5% YoY to US$13.68 billion, on account of “adverse market impacts in life insurance manufacturing and adverse valuation adjustments […]

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HSBC will combine its Global Private Banking and Retail Banking and Wealth Management (RBWM) divisions in a bid to further simplify the bank’s organisational structure as part of a wide-ranging group-wide revamp for which the bank has taken US$7.3 billion charge. While the bank is planning to scale back and reshape a number of less profitable businesses, including in the […]

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Global private banking was a bright spot in HSBC’s third quarter earnings, with the division delivering top and bottom-line growth and solid net new money inflows amid disappointments elsewhere in the group. Net new money inflows for the quarter reached US$5 billion, bringing the private bank’s YTD haul to US$19 billion globally. Asia accounts for US$14 billion of that total, […]

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HSBC’s global private banking business delivered its strongest quarter since 2015 in terms of revenue and its strongest net new money intake since 2008, the major said on Monday. The private bank’s top line for the first half increased 2% YoY on an adjusted basis to US$924 million, with Asia serving as a core driver. Of that, lending revenue rose […]

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