HSBC Bank (China) Company Limited has launched wealth management services in Xian, the capital of western Chinas Shaanxi province, by opening its first subbranch which will focus on providing the Banks Premier service, HSBCs worldwide wealth management proposition.
In addition, the Bank started to provide reminbi (RMB) services for local residents and international customers for the first time in Xian.
“Xian plays a pivotal role in Chinas go west strategy and has achieved impressive growth in recent years,” says Richard Yorke, Group General Manager, pesident and chief executive officer of HSBC Bank (China) Company Limited. “HSBC is committed to further broadening its business scope and network in Xian. With the new sub-branch, we are now better positioned to provide international banking services to meet demand in the local market.”
“We are delighted to introduce HSBCs global wealth management brand into Xian and, at the same time, roll out a wider range of RMB services in the local market. With these new offerings, we will provide local customers with a series of tailored products and international banking services,” says Alex Song, HSBCs Xian branch manager.
The HSBC Premier service offers a cross-border banking proposition that enables customers to take their accounts, credit history and banking relationships with them wherever they choose to live and work. An HSBC Premier customer in any country or region can enjoy recognition at HSBC Premier Centres worldwide, view all accounts held with HSBC globally via the Internet, pre-open overseas accounts from their home country, transfer their credit history internationally and obtain emergency cash.
In China, a Premier customer will be exempt from account management fees if their average daily account balance is kept at RMB 500,000 or above for each month. Otherwise, a monthly fee of RMB 300 will be charged. Non-Premier customers can also have account management fees waived if they maintain an average daily account balance of RMB 100,000, otherwise they will be charged RMB 150 per month.
The HSBC Xian West Street Sub-branch is located in one of the citys prime commercial areas. HSBC entered Xian in December 2006 with the establishment of a branch focused on providing services to corporate customers. Currently, HSBC has a staff complement of around 60 people in Xian.