HSBC shifts focus to personal finance
HSBC shifts focus to personal finance
Elliot Wilson
HSBC Holdings unit Hongkong and Shanghai Banking Corp is ramping up its wealth management and insurance services, which generated strong returns in the first six months amid a sluggish lending market and low interest rates.
``Growth in investment and insurance [products] compensated for the fall in net interest income,'' said Dorothy Sit, head of personal financial services in Hong Kong.
Hong Kong-based banks are eyeing new forms of growth - including insurance services, unit trusts and structured investment products - as they vie to attract wealthier clients in order to offset falling demand for loans. Net interest income at HSBC's Hong Kong unit fell in the first half to HK$18.62 billion, from HK$19.5 billion a year ago, despite a 44.2 per cent rise in net profit to HK$17.9 billion.
HSBC shifts focus to personal finance
Elliot Wilson
HSBC Holdings unit Hongkong and Shanghai Banking Corp is ramping up its wealth management and insurance services, which generated strong returns in the first six months amid a sluggish lending market and low interest rates.
``Growth in investment and insurance [products] compensated for the fall in net interest income,'' said Dorothy Sit, head of personal financial services in Hong Kong.
Hong Kong-based banks are eyeing new forms of growth - including insurance services, unit trusts and structured investment products - as they vie to attract wealthier clients in order to offset falling demand for loans. Net interest income at HSBC's Hong Kong unit fell in the first half to HK$18.62 billion, from HK$19.5 billion a year ago, despite a 44.2 per cent rise in net profit to HK$17.9 billion.
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