Hang Seng Bank doubles down on wealth hubs despite Beijing’s tighter investment scrutiny

Hong Kong lender says it is expanding its workforce to capture rising demand from high-net-worth clients

The Hong Kong lender recently opened a new wealth management centre at Hysan Place in Causeway Bay, its second such facility after launching its first at Harbour City in Tsim Sha Tsui earlier this year.

The 6,300 sq ft facility, which includes a sky bar for clients, marks Hang Seng’s first presence in a grade A commercial building on Hong Kong Island, where more than 30 per cent of its “Prestige Banking” customers are based.

Hang Seng said it was expanding its workforce alongside its physical network with around 800 relationship managers, and planned to increase its wealth management workforce by about 20 per cent this year.

The opening of the new wealth centre came amid growing concerns over tighter scrutiny by mainland Chinese tax authorities of residents’ overseas investment income, aided by information exchanged under the Common Reporting Standard (CRS).