The bank is tapping into higher HNW and ultra-HNW spending via credit cards. Data shows a significant rise in recent years. The rollout of the service is starting in Hong Kong, and will eventually be repeated in Singapore, India and other jurisdictions.

HSBC has unveiled HSBC Privé – the bank’s first premium credit card designed with privileges exclusively curated for private banking clients.

The bank, which launched the offering in Hong Kong, said yesterday that the invitation-only card will also be launched in Singapore, India and other markets globally. 

The UK/Hong Kong-listed bank is rolling out the card in partnership with Mastercard. 

“Every moment counts for our Global Private Banking clients, who often live busy global lives to pursue their personal and business ambitions. Our clients choose us not only because of our deep understanding of their wealth management needs, but also our capabilities to provide them with bespoke services beyond private banking,” Lok Yim, regional head of global private banking, Asia-Pacific, HSBC, said.

The bank is tapping into higher HNW and ultra-HNW spending via credit cards. For example, HSBC cited figures showing that spending by Mastercard holders in these HNW and UHNW categories almost doubled between 2022 and 2023. Transaction volumes rose by 87 and 78 per cent, respectively.

The bank has created a group of dedicated lifestyle relationship managers to work with HSBC Privé cardholders to explore the benefits, which include members-only lounges and workspaces in more than 150 locations in the US, Asia, Australia and Europe; a companion first or business class airline ticket with specific airlines, as well as premium airport lounge access; complimentary tasting menus for an accompanying guest at Michelin-starred restaurants and premium hospitality groups; courtesy green fees at select golf courses and fast-track to top membership status at iconic department stores in London and Paris.

As reported earlier this week, HSBC has announced a new corporate structure, as well as appointing a new chief financial officer.