HSBC Philippines sees affluent sector driving growth of its premier segment

HSBC PHILIPPINES expects the affluent sector to drive customer growth for its international wealth and premier banking segment over the next three to five years.

HSBC Head of International Wealth and Premier Banking  for the Philippines Pramoth Rajendran said they are optimistic about doubling their client base despite ongoing global uncertainties.

“See, I think we believe for the customers in the Philippines, within our target segments, we’ve got enough room to grow. There is enough potential there,” Mr. Rajendran said at a briefing in Makati City on Tuesday.

He said their growth prospects for their affluent customer base, which currently stands at about a million, “looks intact” over the medium to long term.

HSBC Philippines relaunched its Premier segment last month, offering expanded health and travel services as well as improved cross-border transactions.

“Even before the relaunch, our service levels are one of the best in the market,” Mr. Rajendran said. “And to top it up with the tailwinds we are getting from the Premier relaunch, we are starting to see more and more growth.”

HSBC Premier is open to clients with a gross monthly salary of at least P300,000 and P3 million or more in total relationship balance with HSBC in deposit or investment terms.

DIVERSIFICATION
Mr. Rajendran said their clients have been diversifying their investments both domestically and abroad, with more leaning towards long-term products.

“In terms of specific investment products, what we have seen is more each of the clients is depending on their particular needs in itself,” he said. “But what we can see is the customers are diversifying in terms of different investment products, both onshore and also offshore.”

Under the relaunched HSBC Premier, the bank is providing up to P100 million worth of health insurance coverage in partnership with Allianz Well and travel insurance valued at up to $100,000.

Their Premier travel card has a 0.99% foreign exchange rate for overseas purchases, among the lowest rates in the market, HSCB added.

“Hence, in a world where time is the ultimate luxury, HSBC Premier offers a banking experience designed to feel effortless with global access, personalized expertise, and benefits that add value to everyday life,” the bank said. “It’s built for those who want to manage, grow, and move their wealth with confidence, while enjoying privileges that keep pace with their lifestyle.” — Katherine K. Chan