HSBC Global Private Banking looks to China for growth
HSBC’s head of global private banking in China, Jackie Mau, explains the lender’s onshore ambitions, the future of Wealth Connect, plans for new offices and how and why China differs from other private wealth markets.
Outside the C-Suite, is there a more important strategic role in HSBC today than Jackie Mau’s?
Shanghai-based Mau was appointed the bank’s head of global private banking, mainland China, in August 2021. Before that, he was Asia head of ultra-high net-worth, with a remit of serving the region’s wealthiest and most influential families.
HSBC may be headquartered in London, but it is also listed in Hong Kong, the city where it generates the majority of its profits. Last year chief executive Noel Quinn pledged $6 billion in investment to Asia, about half of which he devoted to Greater China. It was a tacit admission of long-time underachievement in southeast Asia and the Indian subcontinent.