Thailand has emerged as one of Southeast Asia’s key markets, offering significant wealth and trade opportunities for businesses and investors alike. The Thai economy is expected to expand by up to 3.8% in 2023, up from 2.6% the previous year, according to HSBC Global Research. With a robust economy situated in the heart of one of the world’s most dynamic regions, the country is poised for further success in the coming years.
Recognising its huge potential, HSBC is strategically positioning itself to become a trusted partner to Thai customers across the entire spectrum of financial services. In particular, the bank aims to establish itself as the number one bank in Thailand for international inbound business, and the top international bank for outbound Thai corporates.
In the wealth space, HSBC Global Private Banking (HSBC GPB) has been actively enhancing its capabilities in Thailand to better serve the country’s swelling ranks of high net worth (HNW) and ultra-high net worth (UHNW) individuals and their families.
According to HSBC Global Research, wealth in Thailand is expected to grow by close to 60% in less than a decade, with the number of millionaires also expected to double within the same period. This growth represents the second-highest rate in the Asia-Pacific region, and is driving demand for wealth planning, investment diversification and international banking services.
To stand out from the competition, HSBC GPB is capitalising on its investment capabilities, international connectivity and universal banking model to cater to the needs of clients across their entire wealth journeys.
“As the first commercial bank in Thailand and one of the country’s leading international banks, HSBC has always been at the heart of financial innovation. HSBC GPB offers bespoke services, tailored to fit each client’s unique needs,” says Giorgio Gamba, CEO of HSBC Thailand.
“We are partnering with our clients to connect them to new opportunities within ASEAN and across our wealth hubs around the world. We uniquely combine deep local understanding, specialist investment expertise and unparalleled global presence to bring the best of all of HSBC to their families and businesses.”
Supporting Entrepreneurial Families
HSBC GPB is strategically positioned for success in Thailand. The establishment of HSBC Thailand’s Global Private Banking business in 2021 marks the bank’s second onshore business in Southeast Asia, following its first in Singapore. This expansion enables clients to access international capital markets by leveraging HSBC’s existing infrastructure, including its robust advisory services and investment methodologies in Asia.
This expansion of HSBC’s global private banking business in Thailand aligns with the bank’s broader strategy to become the world’s leading private bank for Asian and international clients. In particular, HSBC GPB aims to support entrepreneurial families in the region and beyond, partnering them to navigate international boundaries, embrace new ventures and plan for their future generations. This is especially relevant in markets like Thailand, where the majority of the country’s wealth is generated from family-run businesses.
Recognising the global nature of its clients’ endeavours, the bank taps on HSBC Group’s truly global connectivity that spans 62 countries and territories to meet their business, investment and family needs, while also attending to their lifestyle aspirations.
Furthermore, HSBC GPB understands that life is a journey marked by different chapters. The bank guides its clients as they transition or exit their businesses and embark on their next adventure, helping them shape a successful future that stretches beyond their entrepreneurial pursuits.
Another cornerstone of HSBC GPB’s approach is its focus on multigenerational wealth. The bank recognises the importance of preserving and transferring wealth across multiple generations, and equips all entrepreneurial families with the necessary tools and knowledge to facilitate a smooth transition of wealth. Whether it’s providing financial education to younger family members or devising robust wealth transfer strategies, HSBC GPB is here to help our clients to preserve and grow their legacies.
“In Thailand, succession is a significant factor related to wealth as the country has always seen a culture wherein wealth is passed from one generation to the next. For over 75 years, HSBC Trustee has been the partner in sustaining clients’ family wealth and legacy in Asia. We can support families to build bespoke wealth planning, trust and family governance solutions that extend across several generations,” says Saranya Arunsilp, Country Head of Global Private Banking, HSBC Thailand.
Growing Ambitions
Looking ahead, HSBC GPB has ambitious plans for its wealth business in Thailand. The bank aims to further strengthen its capabilities in the market to meet the growing and diverse needs of the HNW and UHNW segment.
“We continue to invest in Thailand where we are strongly positioned to meet the increasingly sophisticated wealth and international needs of our clients by delivering bespoke innovative wealth solutions, investing in our people and leveraging HSBC’s extensive network globally,” says Arunsilp.
As Thailand continues to prosper and attract global investors, HSBC’s dedication to building wealth capabilities in the country positions it as a prominent player in the region’s dynamic economy. With its global expertise and local insights, HSBC GPB is poised to capture the opportunities presented by ASEAN’s growth and emerge as the go-to partner for Thailand’s wealthy.
“In the two years since we set up our onshore business in Thailand, we have witnessed rising demand for sophisticated wealth planning and investment advisory solutions as our clients’ needs become more complex and global in nature,” says Gamba. He adds: “We are committed to helping clients, families and businesses grow, manage and preserve wealth, not only for this generation but for generations to come.”
Disclaimer
Investments in emerging markets may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect influences. Such characteristics can lead to considerable losses being incurred by those exposed to such markets. This article is not a personalized communication from HSBC to you and does not constitute and should not be construed as legal, tax or investment advice or a solicitation of the sale or recommendation of any product or service. You should not make any investment decisions based mainly or solely on this article. All investments involve risks and may experience upward or downward movements and may even become valueless. Issued by The Hongkong and Shanghai Banking Corporation Limited