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.
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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)