New Products
HSBC Adds To Range Of RMB Wealth Management Products

HSBC China expands its RMB-denominated life insurance and wealth management range with a new product.
HSBC has launched a new tranche of wealth management products for RMB investors.
The new products are under the WealthSave (Renminbi) Insurance Plan, which enables customers to diversify their investment portfolios and grow wealth over a five-year policy term with two years of payment. The plan offers a guaranteed premium return of up to 113 per cent. Clients may choose to pay the premiums in the first two years annually or in a lump sum. The minimum investment amount is RMB80,000 ($13,200).
"RMB deposits in Hong Kong rose to RMB781.6 billion as at the end of October 2013. We see positive prospects for the further development of the currency in the retail space as more investors consider RMB-denominated products in their investment portfolios," said Diana Cesar, the head of retail banking and wealth management in HSBC Hong Kong.
The launch comes just shortly after the bank announced that Kevin Martin has been named the new head of retail banking and wealth management in Asia-Pacific. Industry veteran Montgomery Ho also recently stepped in as deputy chief executive and executive director for HSBC China.