Private banking: HSBC aims for the top
The best wealth manager in growth areas such as Asia and the Middle East, HSBC is the firm others have to watch in private banking. Its chief executive of global private banking, Chris Meares, tells Helen Avery how his bank forged ahead during a turbulent 2008.
"Wealthy individuals and particularly those with international demands will always need private banks that can provide a broad range of banking, investment and wealth planning"
Chris Meares, HSBC Private Bank
HIGH-NET-WORTH individuals have been removing some, if not all, of their assets from private banks tarnished by their investment banking associations or misconduct. HSBC Private Bank has been a beneficiary, attracting almost $30 billion in net new assets up to the end of the third quarter of 2008. Regarded as one of the few safe havens during a troubled year, the private bank solidified its position in the global wealth management arena. Respondents to Euromoney’s private banking survey ranked HSBC as second globally for private banking services, up from third position in 2008.