HSBC Bank Taiwan Ltd (匯豐台灣商銀) has lowered the threshold of its private banking service, from individuals with assets of US$5 million to those with US$2 million, in a bid to enhance its competitiveness in the nation’s wealth management market.
The bank maintained its “Premier” service for those with assets of more than NT$3 million, private banking head Sabrina Chen (陳怡婷) told a media briefing in Taipei on Wednesday.
The changes come as HSBC Holdings PLC adjusts its wealth management business worldwide, Chen said.
The group has redefined segments of clients and merged its private banking and wealth management units in a bid to create synergy, she added.
The revised threshold is still higher than the US$1 million threshold adopted by most banks in Taiwan, she said.
Chen did not reveal the number of clients the bank has with ultra-high net worth, but said the bank is confident that its client base would grow, citing a study showing that about 600,000 Taiwanese last year had a net worth of more than US$1 million, a number expected to reach 1 million Taiwanese by 2025.
HSBC Taiwan has not considered applying to the Financial Supervisory Commission for approval of a high-asset program, which would allow it to provide clients new products such as foreign currency-denominated structured notes and derivatives, she said.
“Clients are not necessarily interested in these complicated derivatives, but they necessarily want their bank to research the products well before selling them. Generally, most of our high-net-worth clients prefer products with stable returns, rather than risky ones, so that they can see their assets grow,” she said.
The bank has improved its information system, incoporating more services into the platform for its top clients, Chen said, adding that it is the only private banking service in Taiwan that offers online services.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
United Microelectronics Corp (UMC, 聯電) forecast that its wafer shipments this quarter would grow up to 7 percent sequentially and the factory utilization rate would rise to 75 percent, indicating that customers did not alter their ordering behavior due to the US President Donald Trump’s capricious US tariff policies. However, the uncertainty about US tariffs has weighed on the chipmaker’s business visibility for the second half of this year, UMC chief financial officer Liu Chi-tung (劉啟東) said at an online earnings conference yesterday. “Although the escalating trade tensions and global tariff policies have increased uncertainty in the semiconductor industry, we have not
RSS