It is the lender's second onshore expansion in Southeast Asia.
HSBC has set up a new private banking business in Thailand, marking its second onshore expansion in Southeast Asia, reports Reuters.
The new private bank will provide clients with access to international capital markets by leveraging its existing infrastructure of advisory and investment methodologies in the region, the lender said.
“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 $1.4t in clients’ assets, with half coming from Asia.
Here’s more from Reuters.
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