HSBC's move highlights the importance of Taiwan as a wealth management market, notwithstanding worries about a potential clash with China.

HSBC launched its wealth centre in Taiwan just before the holiday break.

“Taiwan is one of the key markets in the HSBC Group’s growth strategy in Asia and is integral to achieving HSBC’s ambition to be the leading international wealth manager in the region. We have committed to invest US$3.5 billion over the years, to build and scale our wealth capabilities in Asia, which includes Taiwan,” Nuno Matos, HSBC’s chief executive of wealth and personal banking, said in a statement emailed to this news service.  

“Bringing together our strengths in retail banking, wealth and asset management, private banking and insurance as well as our wholesale banking franchise and international connectivity, we are excited to serve the changing wealth and banking needs of our customers in Taiwan,” Matos said.

The UK/Hong Kong-listed bank is not the only major player building a Taiwan presence. Barclays, for example, won a regulatory green light from Taiwan in July 2022. The bodies granting approval were the Securities and Futures Bureau, the Financial Supervisory Commission and the Ministry of Economic Affairs. 

Linda Yip, HSBC Bank Taiwan’s head of wealth and personal banking, said: “As the leading international bank in Taiwan, we observe that Taiwan’s wealth market has been rapidly growing in recent years. Affluent people have turned more proactive in their needs for wealth management. The establishment of the Wealth Centre is to provide best-in-class wealth management services for high net worth clients. Clients would be able to consult and plan their wealth management needs, such as wealth growth, children’s education, retirement and legacy planning, with their exclusive financial advisory teams in a comfortable environment."