HSBC launches private banking services in Australia

HSBC Holdings Plc on Thursday launched its private banking services in Australia, as part of its plans to expand business presence in the Asia Pacific region.

The bank will offer private banking services to Australian clients, including high net worth individuals (HNWIs) and family offices, with investable assets of more than A$10 million ($7.47 million), it said.

Australia has the third-largest population of HNWIs in Asia Pacific with around 29,500 Australian households that have a net worth of over A$10 million, HSBC said in a statement, citing external research reports.

"Australia is a priority growth market for HSBC, and having a private bank office here will complement and enhance our existing retail, commercial and investment banking businesses," said Tony Cripps, chief executive of HSBC in Australia.

(Reporting by Sumeet Chatterjee; Editing by Sherry Jacob-Phillips)