Hongkong and Shanghai Banking Corp. expanded its wealth investment business in the Philippines through HSBC Wealth, which is incorporated as HSBC Investment and Insurance Brokerage, Philippines Inc.
James Cheo, chief investment officer for Southeast Asia at HSBC Private Banking and Wealth, said in a briefing Wednesday the launch of HSBC Philippines’ new business was timely given the rising wealth among Filipinos as evidenced by increasing bank deposits and investments on securities.
“The Philippines has one of the most favorable demographics in the region. With a rising and young population, the Philippine economy is in a strong position to reap the benefits of its demographic dividends in the coming years,” Cheo said.
HSBC Asia chief economist Fred Neumann said “economies that are growing rapidly such as that of the Philippines, tend to accumulate wealth faster and this is why the number of Filipino multi-millionaires is expected to more than double by 2030.”
HSBC Philippines president and chief executive Sandeep Uppal said the launch of the new business demonstrates the bank’s confidence in the local economy.