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Yulu Ao

Hang Seng Bank says it continues to invest in its wealth centre network to capture growing demand from high-net-worth clients, even as Hong Kong’s wealth management industry faces uncertainty amid Beijing’s tighter scrutiny of mainland Chinese investors’ cross-border investments.
The Hong Kong lender recently opened a new wealth management centre at Hysan Place in Causeway Bay, its second such facility after launching its first at Harbour City in Tsim Sha Tsui earlier this year.
The 6,300 sq ft facility, which includes a sky bar for clients, marks Hang Seng’s first presence in a grade A commercial building on Hong Kong Island, where more than 30 per cent of its “Prestige Banking” customers are based.
Hang Seng said it was expanding its workforce alongside its physical network, and planned to increase its relationship managers in general by about 20 per cent this year.
We continue to see very strong demand for account opening and wealth management, whether from domestic or non-domestic customers
Rannie Lee, Hang Seng Bank
It also planned to open a retail banking centre at Central MTR station and several more wealth centres across the city over the next 12 to 18 months.
The opening of the new wealth centre came amid growing concerns over tighter scrutiny by mainland Chinese tax authorities of residents’ overseas investment income, aided by information exchanged under the Common Reporting Standard (CRS).
“We continue to see very strong demand for account opening and wealth management, whether from domestic or non-domestic customers,” said Rannie Lee, head of retail banking and wealth at Hang Seng Bank, at a briefing on Monday.

Lee added that the CRS and mainland China’s tax framework were not new requirements and had long been in place, with banks continuing to comply with relevant regulations.
Hang Seng said its wealth management business maintained “strong double-digit growth” in the first half of the year, despite the challenges.
The lender added 60,000 new customers in the second quarter, twice as many as in the previous three months, with its wealth management business also posting growth in the first half of the year.
Hang Seng is not alone in expanding its wealth-management presence.
AXA Hong Kong and Macau agreed to lease two and a half floors spanning about 97,500 sq ft at Sun Hung Kai Properties’ International Gateway Centre for a new distribution office and one-stop wealth hub, according to a statement co-released by the insurer and the developer on Monday.
The insurer had signed a 10-year lease and was expected to occupy the space in early 2028. Located above the West Kowloon high-speed rail terminus, the new hub would serve clients in Hong Kong, Macau and the broader region, including high-net-worth customers, according to the statement.
Additional reporting by Cheryl Arcibal


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Hong Kong lender says it is expanding its workforce to capture rising demand from high-net-worth clients


Hong Kong lender says it is expanding its workforce to capture rising demand from high-net-worth clients.


Hang Seng Bank doubles down on wealth hubs despite Beijing’s tighter investment scrutiny

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hong Kong lender says it is expanding its workforce to capture rising demand from high-net-worth clients

Hong Kong lender says it is expanding its workforce to capture rising demand from high-net-worth clients