HSBC aims to double the wealthy customer base, not by the economic climate

HSBC WEALTH Philippines aims to increase its share in the market with a high network value and to expect a doubling of wealthy customers in the next five years despite economic uncertainties.

“We want to expand our market share,” said Pramoth Rajendran, head of the international assets and Premier Banking (IWPB) at HSBC Philippines, during a press conference on Tuesday, May 20,,.

The bank aims at the wealthy, not on the mass market, especially the top to 1.5 percent of the country's population.

“This population will also be largely untouched by volatility,” said Rajendran, referring to escalating global economic uncertainties, which are largely powered by trade tensions.

In view of the relative insulation of the wealthy segment, Rajendran expects the number of Filipinos to double at least 250,000 USD (approx. 14.5 million ° C) by 2030.

The bank aims to capture a significant and growing proportion of this expanding segment with a high network because it strengthens its presence in the asset management area.

“Last year we introduced about 20 different investment products to help our leading customers to diversify and consolidate prosperity,” said Rajendran.

He explained that products under HSBC Premier are designed for working people, families, local investors and individuals with international financial needs and long -term assets.

These offers are available with a monthly minimum income of around 300,000 and at least 3 million deposits.

Although he did not provide any specific figures, Rajendran found that Filipinos had the strongest interest in fixed income and other conservative investments, whereby greater assignment to these products was assigned with little risk.

“We are optimistic about the chances of the Philippines. Key indicators support this optimism,” he said.

Rajendran noted that this year the country will be the fastest in Asia-a strong GD-growth, which is involved in a economy led by consumption, which helps to pillow the volatility of the global market.

It can be remembered that the Filipino economy grew by 5.4 percent in the first quarter, slightly higher than 5.3 percent in the previous quarter, but slower than the expansion of 5.9 percent recorded in the same time of the previous year.