HSBC announced the expansion of its wealth investment offerings through HSBC Wealth, incorporated as HSBC Investment and Insurance Brokerage, Philippines Inc. (HIIB).
The launch of HSBC Philippines’ new business is timely given that in the Philippines, rising wealth is observed through increasing bank deposits and investments on securities.
“The Philippines has one of the most favorable demographics in the region. With a rising and young population, the Philippine economy is in a strong position to reap the benefits of its demographic dividends in the coming years,” said James Cheo, Chief Investment Officer, Southeast Asia, HSBC Private Banking and Wealth.
Based on a recent HSBC Global Research report “The Rise of Asian Wealth,” HSBC Asia Chief Economist Fred Neumann supplements, “Economies that are growing rapidly such as that of the Philippines, tend to accumulate wealth faster and this is why the number of Filipino multi-millionaires is expected to more than double by 2030.”
“I am delighted with the launch of HSBC Wealth, as a milestone in our 147-year history in the Philippines. This demonstrates our confidence in the country, reaffirms our commitment in bridging customers with the rest of the world and supports HSBC’s ambition to be the leading international wealth manager in Asia,“ shared HSBC Philippines President and CEO Sandeep Uppal.
HSBC aims to play an important role in customers’ lives — fulfilling their aspirations and connecting them to investment opportunities locally and around the world, through its International Wealth Hub, Private Banking offices globallyand HSBC Wealth through the recently incorporated HSBC Investment and Insurance Brokerage, Philippines Inc. (HIIB)
“This new brokerage business marks our continued investments in the Philippines with new capital, a wider suite of products and better customer experience through our enhanceddigital capabilities,” highlighted HSBC Wealth Vice Chairman, Peter Faulhaber.
HSBC Wealth now offers a range of Unit Investment Trust Funds (UITFs) that cover a range of asset classes and risk profiles, offering customers a broader choice of investment products to help customers create a diversified portfolio.
This expanded range of UITF products complements HSBC Wealth’s currently available fixed income investment and investment-linked insurance products. These funds come in different currencies and are managed by trusted partnerswho are the key players in the asset management space locally, and across the globe.
On top of these new products by HSBC Wealth, HSBC Philippines will continue to offer Fixed Income products that provide capital protection with dividends through the main bank; and Investment-linked insurance products available in both single pay or regular pay, giving customers both protection and an opportunity to grow their investments.
A hub dedicated for client engagements has been established and is conveniently located right beside the Bonifacio Global City branch. Soon, other wealth hubs will be strategically set up in areas where HSBC is present. A new dedicated team of Wealth Relationship Managers and specialists will be on hand to support customers in identifying and achieving their financial goals.
