HSBC has opened its newest mainland private-banking branch in the sprawling Sichuan mega-city of Chengdu, becoming the first global lender with a full-service wealth management presence in western China.
It also unveiled another full-service wealth-management branch in the eastern city of Hangzhou, capital of Zhejiang province and home to multinationals such as Ant Group and Alibaba. That expands its onshore private-banking coverage to six mainland cities.
HSBC’s ambitious expansion plans were first revealed by Euromoney in February, in an interview with its head of global private banking China, Jackie Mau.
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