HSBC Holdings PLC (LSE:HSBA) is reintroducing its Premier wealth banking brand in the UK, focusing on "mass affluent" clients with £100,000 to £2 million available for investment, according to Reuters, citing José Carvalho, head of UK Wealth and Personal Banking.
The updated Premier service provides 24/7 customer support, financial planning tools and lifestyle benefits, including travel perks.
HSBC aims to double UK wealth management assets to £100 billion within five years, paralleling similar initiatives in Hong Kong and Singapore.
The bank also intends to establish a flagship wealth centre in London’s Mayfair, according to the Reuters report.
Rivals such as Barclays and Lloyds are pursuing similar growth in wealth services. HSBC is hiring relationship managers and will maintain fee-free access to the service.