HSBC has launched its latest high end services catering to a selected group of individuals who are considered to be high net worth. Premier Elite offers wealth management services with lifestyle solutions that go beyond traditional banking offerings.
The service caters to affluent customers who seek personalised treatment and exclusive benefits from their financial partner. With Premier Elite, HSBC offers elevated banking services, bespoke structured investments, dedicated bond services, wealth and legacy preservation, international banking services, privileged elite concierge services offered by its partners which
include global medical assistance, global dining and travel privileges, as well as international tax advisory support.
Notably the timing was apt for the launch of such a product as HSBC noted that Malaysia is a fast-growing wealth hub. In 2022, the total liquid assets held by affluent individuals (those with wealth balances of USD 100,000 and above) stood at US$307 billion and this is expected to grow at CAGR of 3.2% over the next few years. As the wealth balances held by this group of individuals expands, they then transcend into the high net worth category (those with wealth balances of US$1 million and above) which dominates 53% of the affluent wealth balances.
Dato’ Omar Siddiq, CEO, HSBC Bank Malaysia said: “The Malaysian economy’s growth trajectory is expected to accelerate in 2024. This will be driven by measures which have been put into place by the Government to attract greater foreign direct investments and catalyse improved domestic direct investment flows as articulated in the Madani Economy Framework and the New Industrial Master Plan.
Linda Yip, Country Head of Wealth and Personal Banking, HSBC Malaysia said: “The wealth paradigm in Malaysia has shifted with affluent customers now spanning a wider range of generations and personas, with increasingly sophisticated needs and aspirations. At HSBC, we are harnessing our international strengths and leading wealth capabilities to deliver a solution to address the desires of this ever-expanding wealth segment. Premier Elite has something for everyone, to meet their needs across different stages of their life, and has been skillfully crafted to provide all-round wealth, lifestyle and health services and privileges to our high net worth customers.”
The new service is open to new HSBC/ HSBC Amanah Premier customers that have a Total Relationship Balance of RM3 million or more with the Bank, and existing Premier customers who maintain this TRB levels will be converted into Premier Elite customers.
