HSBC Plans Out Premier Client Growth In The US

Vanessa Doctor

1 October 2010

HSBC Holdings is looking to double its stable of premier banking clients in the US to 1 million by 2013, a report by Bloomberg reveals.

"HSBC classifies premier customers as those with deposits and investment balances of at least $100,000. It's a core focus for the bank globally," Andy Ireland, head of the American premier banking and wealth management division, was quoted as having said.

The company presently has 450,000 priority banking clients in the country, its third largest number after the UK and Hong Kong. Under the bank's international accounts scheme, premier clients may open accounts at HSBC branches worldwide and will not be charged for transactions provided they maintain a minimum balance of $100,000.

HSBC reportedly estimates 25 million potential new clients in the US alone.

In line with expansion plans, the bank also is poised to launch its HSBC Advance product to the US in 2011 for the younger clients who maintain deposits of $25,000.