November 17, 2016 / 9:57 AM / a year ago

HSBC launches private banking services in Australia

HONG KONG (Reuters) - HSBC Holdings Plc (HSBA.L) on Thursday launched its private banking services in Australia, as part of its plans to expand business presence in the Asia Pacific region.

A man walks past a logo of HSBC outside a branch at the financial Central district in Hong Kong, China June 2, 2015. REUTERS/Bobby Yip/File Photo

The bank will offer private banking services to Australian clients, including high net worth individuals (HNWIs) and family offices, with investable assets of more than A$10 million ($7.47 million), it said.

Australia has the third-largest population of HNWIs in Asia Pacific with around 29,500 Australian households that have a net worth of over A$10 million, HSBC said in a statement, citing external research reports.

“Australia is a priority growth market for HSBC, and having a private bank office here will complement and enhance our existing retail, commercial and investment banking businesses,” said Tony Cripps, chief executive of HSBC in Australia.

Reporting by Sumeet Chatterjee; Editing by Sherry Jacob-Phillips

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