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HSBC relaunches wealth management product for families

Hongkong and Shanghai Banking Corp., one of the largest foreign banks in the country, relaunched one of its financial services that was introduced in March 2000 to attract more Filipino clients and seize the growth opportunity in the robust economy.

Peter Faulhaber, HSBC Philippines head of retail banking and wealth management division, said in a news briefing in Makati City that the HSBC Premier ensures that customers can continue to provide their children the same level of care for their health, wealth and investments.

“Majority of our customers are Filipinos... well-educated Filipinos,” Faulhaber said.

“The Philippine economy is expected to post robust growth... More people here have more money or those who aspire to be affluent,” he said.

He said HSBC enables individuals to prosper and manage their wealth through a range of local and international services.  He said HSBC Premier looks after the needs of families, for now and the future, in terms of safety and protection, wealth and international connectivity. 

“Based on insights from customers, we found that they want to build and preserve wealth so they can secure the future of their family. At HSBC, we want to be the financial partners to provide them access to wealth management services that will create a lasting legacy for their family,” he said.

Seeing the increasing needs of parents to support their children’s global needs, HSBC introduces three new services around the area of international connectivity.  Julito G. Rada

Aside from HSBC’s global expertise and investment, HSBC Premier enables parents to extend the Premier benefits and take care of their children’s banking needs.  This enables their children to explore the world with the same financial assurances their parents enjoy back home.  

As an HSBC Premier customer, parents can share their Premier privileges to their children through an HSBC Premier Junior Pack for children aged 7 to 17 or HSBC Premier NextGen for children aged 18 to 28 to give them the extra boost they need to build up their own financial portfolios.

HSBC assists parents and children studying abroad by setting up an overseas account, applying for debit/credit card and transfer of money from one location to another.  

HSBC’s Premier Overseas Education program can help parents take care of their child’s banking needs abroad.

To become an HSBC Premier customer, one must maintain a total relationship balance of P3 million or its foreign currency equivalent or have a home loan of at least P6 million.  

One can also become a Premier customer by presenting valid income proof and crediting one’s monthly salary of at least P300,000 gross (or its foreign currency equivalent) into the HSBC account to qualify and maintain his/her Premier status.

Topics: Hongkong and Shanghai Banking Corp. , Peter Faulhaber , HSBC Philippines , wealth management product
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