HSBC has announced the relaunch of HSBC Premier in the Philippines to attract more Filipino clients and seize growth opportunities in the market.
HSBC Premier enables parents to extend the Premier benefits and take care of their children's banking needs. This enables their children to explore the world with the same financial assurances their parents enjoy back home.
HSBC Premier has been described as enabling individuals to prosper and manage their wealth through a range of local and international services, and looks after the needs of families, spanning safety, protection, wealth and international connectivity, according to a report by Manila Standard.
More people here have more money or those who aspire to be affluent"
Peter Faulhaber, HSBC's head of Retail Banking and Wealth Management Division for the Philippines said that the "Majority of our customers are… well-educated Filipinos. The Philippine economy is expected to post robust growth, more people here have more money or those who aspire to be affluent."
HSBC assists parents and children studying abroad by setting up an overseas account, applying for debit/credit card and transfer of money from one location to another.
To become an HSBC Premier customer, one must maintain a total relationship balance of P3 million (£46,200) or its foreign currency equivalent or have a home loan of at least P6 million.
One can also become a Premier customer by presenting valid income proof and crediting one's monthly salary of at least P300,000 gross (or its foreign currency equivalent) into the HSBC account to qualify and maintain his/her Premier status.