HSBC UK has opened its first UK wealth centre, with the bank seeking to replicate the model it has used in Asia and other global locations.

The HSBC UK Wealth Centre is in the Smithson Tower in St. James’s and is now open to customers following a $5m investment.

Premier and private bank clients will be able to meet with relationship managers at the venue on an invite-only basis.

The centre is the latest investment HSBC UK has made into its offering as it looks to attract mass affluent customers.

It is also investing into its branch network and is opening dedicated Premier lounges in 50 of its branches this year, with refurbishments complete in several locations.

HSBC UK is undertaking a national recruitment drive, and plans to grow its team of Premier relationship managers and related roles by 50 per cent in the UK this year.

Commenting on the announcement, HSBC UK managing director of premier, wealth, and personal banking, Christopher Dean, said: “Our brand-new wealth centre is a significant anchor point in the UK; a prestigious location for us to both welcome our customers and open international corridors.

“We know that as people work through financial milestones, their wealth needs tend to become more sophisticated.

“While a stand-out digital offering remains essential, and we continue to invest in enhancing those capabilities, our customers really value face-to-face interactions and deeper relationships when it comes to managing their finances. The centre is a dedicated space for us to offer customers this valued facetime.

“Our global research shows that one in three affluent investors in our major international wealth centres invest additionally outside of their home market, including into the UK.

“We also know that the world’s wealthiest investors are becoming more mobile as they seek out global opportunities for their assets and businesses, with the UK a pivotal wealth hub.

“By broadening our network of wealth centres across the globe, we want to leverage international connectivity between our key markets globally and make it as easy as possible for customers to invest across different markets, while helping them manage their money across multiple geographies.”

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