HSBC plans to invest over US$3.5 billion in the next five years to accelerate the growth of its wealth and personal banking business in Asia in a bid to become the leading wealth bank in the region.

The investments will focus on expanding its wealth teams to increase distribution capabilities in Hong Kong, mainland China, and Singapore; enhancing its digital wealth capabilities and platforms across Asia; and developing new products for its customers, particularly high net worth and ultra high net worth clients.

The bank plans to hire more than 5,000 customer-facing wealth roles in the next five years, including relationship managers, investment counsellors and specialists to better support affluent clients in Premier, Jade and Private Banking in the region.

Up to 3,000 wealth planners will be recruited to scale up its new mobile wealth planning service in mainland China, which was launched in mid-2020 to reach new clients outside of the branch network. To date, there are over 200 new wealth planners in Shanghai, Hangzhou, Guangzhou and Shenzhen.

HSBC says it will continue to invest at scale in Hong Kong, where it is already the number one wealth manager and top 2 insurer, as it aims to capitalize on the Greater Bay Area’s new Wealth Connect scheme to help HNW clients access a broader range of wealth solutions and diversify their investments.

Asia generates nearly half of the bank’s US$1.6 trillion wealth balances and 65% of its wealth revenues. In February 2020, HSBC combined its mass affluent, asset management, insurance and private banking businesses into the wealth and personal banking business.