FILE PHOTO: Pedestrians wearing face masks following the coronavirus disease (COVID-19) outbreak, walk past a HSBC bank branch in Hong Kong, China February 22, 2022.
HSBC sees robust demand for wealth management in Chengdu, capital of the western province of Sichuan with more than 21 million people.
The bank has already launched private bank services in Beijing, Shanghai, Guangzhou and Shenzhen.
“As a new class of HNW and ultra HNW individuals emerges from the vigorous development of Hangzhou’s digital economy, demand for international wealth management has also grown significantly,” Jackie Mau, head of global private banking at HSBC China, said in a statement.
Beijing launched in late 2020 a crackdown that effectively halted Ant’s initial public offering that could have created more millionaires keen for wealth services.