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HSBC Hong Kong targets 7.5 million customers, same number as city’s population

HSBC Hong Kong sees an increase in international clients coming to city to invest as it becomes a global wealth management hub

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The HSBC Building in Central. Photo: Karma Lo
HSBC Hong Kong CEO Maggie Ng at the HSBC headquarters. Photo: Jonathan Wong
Enoch Yiu
HSBC is targeting an increase in its Hong Kong client base to match the city’s population of 7.5 million, a goal to be driven mainly by international investors, according to its Hong Kong CEO Maggie Ng.

Hong Kong has already seen almost 2 million new customers sign up to the HSBC Hong Kong office over the past two years, bringing its total customers to 7 million at the end of last year.

“It is my short-term target to see the total customers reach 7.5 million. As Hong Kong only has a population of 7.5 million, we have to attract more international investors to come to invest here for us to achieve such a target,” she said in a media briefing on Friday.

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Hong Kong has become a global wealth management hub, with a strong stock market and a growing insurance sector that can serve both mainland Chinese and international investors, she said, citing a study by GlobalData that found 15 million wealthy mainland Chinese customers with a need for offshore wealth management services.

“Globally, international investors are seeking diversification of their investment and to achieve growth opportunities in Hong Kong. The future growth opportunities are huge,” she said.

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Geopolitical tensions, particularly the conflict in the Middle East, have prompted investors to diversify, with Hong Kong seen as a “safe harbour”, Financial Secretary Paul Chan Mo-po said last month.
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