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HSBC launches Hong Kong card, stresses wealth management opportunities

In what has been a busy few days for the London-headquartered finance group, HSBC has reportedly launched a new credit card for business customers in Hong Kong.

The financial news website reports that the new card offers business customers revolving credit and denomination in Hong Kong dollars.

We observe a growing use of credit card payments globally, which signals a change in the way companies will manage their purchases, payments and cash flows in the future, the report quoted Margaret Leung, general manager and global co-head for commercial banking at HSBC, as saying.

Meanwhile, the head of HSBC’s private banking operation, Clive Bannister, has told Reuters that he sees organic growth as the way ahead for the group’s nascent wealth management arm. HSBC holds a 1% market share in a very fragmented market.

It is a very big swimming pool and even very substantial players are at the very shallow end, Mr Bannister told Reuters. Can (the industry) expect substantial growth? The answer is ‘yes’.

The report adds that HSBC is looking to tap into its massive global retail presence as a means to cross-sell wealth products to its more affluent customers, an option not readily available to banks such as Credit Suisse and UBS with a more limited retail footprint.