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Highlights:
HSBC is relaunching its Premier wealth management brand in the UK, aimed at high-net-worth individuals (HNWIs).
The Premier service will offer 24-hour customer support, financial planning tools, and additional benefits.
HSBC is restructuring into four distinct businesses starting January 2025 to streamline operations and support growth in wealth management.
HSBC (LSE:HSBC) is set to relaunch its Premier wealth management brand in the UK, targeting individuals with significant financial assets. The service will cater to those with between £100,000 and £2 million, providing them with dedicated support and a suite of financial tools. According to Jose Carvalho, HSBC UK's head of wealth and personal banking, the Premier offering will feature 24-hour customer service, tailored financial planning solutions, and a range of exclusive benefits designed to meet the needs of high-net-worth clients.
In addition to this, HSBC plans to open a flagship wealth centre in London in 2025, which will act as a hub for servicing the wealth management needs of UK-based clients. As part of its efforts to expand its footprint in the wealth management sector, the bank is currently recruiting hundreds of bankers to serve the growing demand from high-net-worth individuals (HNWIs) in the UK.
The relaunch of the Premier brand comes amid broader organizational changes within HSBC. The bank will undergo a major restructuring, splitting into four distinct business units starting from January 2025. The new structure will consist of: Hong Kong, UK, corporate and institutional banking, and international wealth and premier banking. This reorganization aims to streamline operations, reduce duplication in processes, and improve decision-making efficiency.
The international wealth and premier banking unit will focus on wealth management services globally, including private banking, asset management, and insurance. It will be led by Barry O’Byrne. Meanwhile, the UK arm of HSBC will consolidate personal banking services, including First Direct and M&S Bank, along with commercial banking services under the leadership of Ian Stuart.
The bank’s strategic focus will also include growing its wealth management services in Hong Kong, leveraging the region’s position as a financial hub to attract foreign clients.
