HSBC has opened a Jade Centre in Shanghai, making this the first centre that provides a dedicated wealth management service for HNWIs clients in mainland China.
To further cater to its clients' needs, HSBC's Jade Centre in Shanghai offers a combination of personalised relationship management, advanced wealth solutions and luxury lifestyle services and privileges. Being a standalone service for HNWIs, it is only available to clients with an account balance of more than $1m (7 million yuan).
Annabel Spring, group head of customers and products, HSBC Retail Banking and Wealth Management, said: "HSBC Jade, which currently serves close to 150,000 customers in eight markets globally, provides our customers and their families with a preferential banking experience, with priority access to our best people, pricing, products and services, as well as a host of unique and exclusive lifestyle benefits.
China has the second highest number of high-net-worth individuals in the world and this is expected to increase to 2.41 million by 2023"
"Today, as we launch HSBC's first Jade Centre in mainland China, we also unveil the new Jade Passport, which gives our Jade customers in mainland China, Hong Kong and Singapore access to a suite of exclusive privileges across Asia's key wealth hubs."
HSBC aims to open another Jade Centre in Beijing in 2020. The bank already has two Jade centres in Singapore, one of which at Jewel Changi Airport.
David Liao, president and CEO, HSBC China, added: "Around 1.67 million mainland Chinese high net worth individuals held more than six million yuan in investable financial assets as at the end of 2018. China has the second highest number of high-net-worth individuals in the world and this is expected to increase to 2.41 million by 2023."