HSBC Bank Taiwan Ltd launched a wealth management center in Taipei and plans to open centers in Taichung and Taoyuan next year, as the bank aims to grow its wealth management business, despite interest rate increases.
The wealth management client base in Asia showed twofold growth year-on-year last year, and the number of HSBC Taiwan’s high-net-worth clients grew 40 percent, while its assets under management rose 22 percent from a year earlier.
While many local banks’ wealth management businesses have reported decreasing net fee incomes in light of volatile financial markets amid global central banks’ rate hikes, HSBC Taiwan saw its pre-tax profit from wealth management and personal banking increase by 70 percent annually for the first half of this year, company data showed.
HSBC managed to sustain growth, as it has gained a larger market share by providing comprehensive products and customized services.
As the interest rate hikes adopted by Taiwan’s central bank are softer than those of its global peers, the monetary tightening has had a milder impact on the markets.
HSBC Taiwan is expected to show strong growth in business performance through next year.