HSBC is deepening internal collaboration by connecting its private banking clients to opportunities sourced from its corporate, institutional and innovation banking businesses.
HSBC Private Bank has launched a new proposition called “HSBC Access” which connects its ultra-high net worth (UHNW) and family offices clients to capabilities from its corporate and institutional banking as well as innovation banking businesses, according to a statement. This includes institutional-grade solutions, exclusive investment opportunities and specialist insights.
The bank will offer direct investments, co-investments, exclusive private market opportunities, and venture capital funds, including opportunities to invest in select technology and startup companies served by HSBC Innovation Banking. This marks the first time the private bank has obtained such access to this unit, which was based on the acquisition of Silicon Valley Bank UK in March 2023 for a symbolic GBP 1 as part of a rescue deal facilitated by the Bank of England following the collapse of its US parent.
In addition, private banking clients can also gain insights and intelligence from more than 5,000 specialists in over 50 markets across the corporate, trade and innovation banking arms.
The proposition will initially be made available to HSBC Private Bank’s UHNW clients in Hong Kong before later rolling out to other markets worldwide.
“One-bank” solutions
The new linkages formed between HSBC’s private banking arm and other sister businesses is part of the broader industry trend of financial groups seeking internal collaboration to serve ultra-rich clients holistically with so-called “one-bank” solutions.
“Our UHNW and family office clients want to be closer to the companies, founders and opportunities shaping the innovation economy. HSBC Access gives them a direct route to selected private investment opportunities, backed by the insight, connections and full strength of HSBC’s global network,” said HSBC Private Bank CEO Ida Liu.
“HSBC Access is an important step in supporting business owners and the innovation ecosystem to expand and grow. It will help widen the pool of long-term, informed capital available to entrepreneurs and high-growth companies, while bringing additional expertise and connections to help innovative businesses scale and accelerate progress,” added Jo Miyake, head of banking, Asia and Middle East, at HSBC’s corporate and institutional unit.
