HSBC unveils Premier Elite service to serve HNWI customers
KUALA LUMPUR: HSBC has launched Premier Elite, an elevated service for high net worth individuals. Premier Elite synergises HSBC’s core competencies of international and wealth management services with lifestyle solutions that go beyond traditional banking offerings to meet the evolving needs and aspirations of Malaysia’s growing wealth segment.
The new offering emphasises HSBC’s focus on strengthening its suite of capabilities for affluent customers while growing its own wealth business in the country.
With the aim to offer elevated banking services to high net worth customers, Premier Elite has bespoke structured investments, dedicated bond services, wealth and legacy preservation, international banking services, privileged elite concierge services offered by HSBC partners which include global medical assistance, global dining and travel privileges, as well as international tax advisory support.
Malaysia is a fast-growing wealth hub. In 2022, the total liquid assets held by affluent individuals (those with wealth balances of US$100,000 and above) stood at US$307 billion and this is expected to grow at CAGR of 3.2 per cent 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 per cent of the affluent wealth balances.
Datuk Omar Siddiq, chief executive officer of 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.