By Nick Hedley

HSBC Global Private Banking has started operating in Chengdu
and Hangzhou, making it the first international bank to set up a dedicated
private banking team in Western China, it said in a statement.

“With these additions, HSBC China’s Global Private Banking
footprint now extends to six cities in mainland China, where we cater for the
growing wealth needs of our clients,” it said.

HSBC Global Private Banking has been on a drive to hire
relationship managers and investment counsellors in the world’s second-largest
economy. Before Chengdu and Hangzhou, its operations in China were limited to Beijing,
Shanghai, Guangzhou and Shenzhen.

It has said previously that household wealth in mainland
China is set to grow by around 8.5% annually from 2021 to 2025, driven by the
rising number of high-net-worth individuals and families and the expansion of
the middle-income segment.