HSBC targets 1.2m `mid-market’ Hongkongers with new service

Hongkong and Shanghai Banking Corp is targeting the growing “mid-market” segment in Hong Kong and a number of countries as one of its profit growth drivers.

The lender launched HSBC Advance – a new personal banking service targeting 1.2 million people locally whose assets in the bank are at least HK$200,000 or above and who are aged between 25 and 45 with a monthly income of at least HK$30,000. “They have many aspirations so their appetite for products, tools and information that will help them grow wealth is increasing,” said Francesca McDonagh, head of personal financial services in the SAR.

HSBC has more than 500,000 mid- market customers in the SAR and most are expected to join the new service.
 
The lender also has its HSBC Premier service aimed at high-end customers whose relationship balance – or assets in the bank – exceeds HK$1 million.

McDonagh said the bank is looking to increase its share of the mid-market segment.

“We plan to launch this service in 39 countries and territories this year. It has already been launched in Panama and will soon be available in Taiwan, Sri Lanka, Indonesia and Turkey.”

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