Long-term survival takes courage, wisdom and flexibility. One of the biggest hurdles is readying a family business to pass on to the new generation, marrying the cornerstones of the business with new visions and practices.
Forging the right partnerships as these developments unfold is key. HSBC Private Banking understands what it takes to create companies that last generations. It has worked with family-run empires across Asia for 154 years and combines deep knowledge with global connectivity—benefits that few others can match. “The experience in having led actual generational transfer is an experience not every bank has,” says Siew Meng Tan, Regional Head of HSBC Private Banking, APAC.
Engineering Enduring Success
Through its trust company, Private Wealth Solutions, HSBC Private Banking offers tailored solutions for sustained wealth, helping families understand and shape a continued and prosperous legacy. HSBC Private Banking guides a company as it makes decisions on how to apportion wealth across a family network, or restructure the business for an evolving family and marketplace. “We advance prosperity for wealthy families with a desire and duty to succeed by helping them engage with the world outside their world,” says Philip Kunz, Head of HSBC Private Banking, Southeast Asia.
The second or third generation of entrepreneurial families may want to branch out and embark on their own endeavors. Over decades of working with ultra-high-net-worth clients, the bank has witnessed a desire in the younger family members to move beyond mere impact investing and has responded in innovative ways. Organized trips into the Borneo rainforest, for instance, provide clients with a first-hand look at environmental issues as well as actionable ideas for how they can make an impact on their businesses, investments and communities based on sustainable principles. Such expeditions resonate well with today’s rising entrepreneurs, says Tan, and often reveal further awakenings. “They provide additional insight into the role of sustainability in family businesses and family wealth,” Tan says.
Connecting to a World of Opportunity
HSBC Private Banking’s “one bank” approach ensures today’s global families are not limited to just local or regional geographies. HSBC Private Banking is one of the four global businesses around which the HSBC Group is structured, and its worldwide network affords clients accessibility across all corners of the globe. HSBC offers strong connectivity and collaboration across the bank to support even the most international and complex of client needs, whether family or business.
Imagine a Hong Kong family with ASEAN business interests. They easily transact in Singapore, Thailand and Malaysia for their business using commercial banking, while their personal wealth is managed by HSBC Private Banking in Hong Kong and Singapore. They have mortgages for their U.K. properties that are provided by HSBC Private Banking in the U.K., and their children study at U.S. universities supported by services from HSBC’s U.S. retail bank. This ease is a reality with HSBC Private Banking. Connectivity is seamless.
As part of a global universal bank, the advantage is clear. Through close collaboration, HSBC Private Banking provides its clients with the benefit of end-to-end solutions from across an entire portfolio of services, supplying specialist coverage for a client’s individual needs, no matter how complex. The bank is adept in tailor-made, winning solutions whatever the challenge.
Create a Lasting Legacy
With wealth in Asia rising at a faster rate than in any other region, ultra-high-net-worth clients increasingly require sophisticated and tailored solutions for investing, financing and hedging, and turn to HSBC Private Banking for guidance. Using an institutional approach, HSBC Private Banking connects clients to a wealth of opportunity, wherever they are in their succession plan, helping businesses to prosper today, tomorrow and long into the future.
The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this article without seeking specific professional advice.
Issued by The Hongkong and Shanghai Banking Corporation Limited.