HSBC will make new investments in mainland China just weeks after the bank backed controversial new security laws in Hong Kong.
The UK-headquartered bank is under fire from some shareholders and British lawmakers for its support for the new National Security Law in Hong Kong, its largest market, which critics say undermines freedoms in the city.
HSBC will establish a financial technology company on the mainland, and its life insurance joint venture in China will hire new staff to provide non-branch based wealth management services to customers in Shanghai and Guangzhou, the Asia-focussed lender said in a statement.
Many international financial institutions see opportunities in providing services to upper middle class and rich individuals in China and Asia more broadly.
HSBC hopes to be the top wealth manager in Asia in the medium to long term, Greg Hingston, the bank’s regional head of wealth and personal banking previously told Reuters.