Global bank HSBC has expanded its private banking service into Western China. It has launched a dedicated private banking operation in Chengdu and Hangzhou, claiming that it is the first international bank to do so. Encouraged by the demand for private banking and investment services, the bank is also “actively exploring” expanding into the Southwest. “We see huge growth potential for the wealth management market in mainland China, driven both by the economically-active coastal areas and the fast-developing inland areas, which are fundamental to the long-term development of our wealth business,” said Jackie Mau, head of global private banking at HSBC in China. “By setting up our private banking business in Chengdu and Hangzhou, we will be able to serve our local clients more closely and enhance HSBC’s wealth management footprint outside the four major cities of Beijing, Shanghai, Guangzhou and Shenzhen, adding momentum to further business growth,” added Mau. © 2022 funds global asia