HSBC sets up private banking business in Thailand

SINGAPORE: HSBC Holdings Plc said on Monday it had set up a new private banking business in Thailand, the Asia-focused lender’s second onshore expansion in Southeast Asia, as it seeks to grab a bigger share of the growing rich population.

HSBC said the new private bank, which is in one of the most promising wealth markets in Asia, will help it provide clients with access to international capital markets by leveraging its existing infrastructure of advisory and investment methodologies in Asia.

“In Thailand and across Asean, private wealth is often created and built through business growth and expansion and as intra-regional trade and activity rebound, we expect commercial, people and wealth flows to increase,” said…