KUALA LUMPUR (March 6): HSBC has launched Premier Elite, an elevated service for high net worth individuals.

In a statement on Wednesday, the banking group said Premier Elite synergizes HSBC’s core competencies of international and wealth management services with lifestyle solutions that go beyond traditional banking offerings to meet the evolving needs and aspirations of Malaysia’s growing wealth segment.

It said the new offering emphasises HSBC’s focus on strengthening its suite of capabilities for affluent customers while growing its own wealth business in the country.

HSBC highlighted that Malaysia is a fast-growing wealth hub, adding that in 2022, the total liquid assets held by affluent individuals (those with wealth balances of US$100,000 and above) stood at US$307 billion and this is expected to grow at CAGR of 3.2% over the next few years.

HSBC Bank Malaysia CEO Datuk Omar Siddiq said the Malaysian economy's growth trajectory is expected to accelerate in 2024.

“As a leading international bank with a 140-year presence in Malaysia, we have always sought to support the needs of our customers and clients, to continue to open up a world of opportunity for them.

“Our Premier Elite service is in line with HSBC’s commitment to continuously strengthen our offerings to meet the evolving needs and aspirations of Malaysia’s growing wealth segment while also expanding our wealth business in the country,” he said.

Meanwhile, HSBC Malaysia Country Head of Wealth and Personal Banking Linda Yip said the wealth paradigm in Malaysia has shifted with affluent customers now spanning a wider range of generations and personas, with increasingly sophisticated needs and aspirations.

“At HSBC, we are harnessing our international strengths and leading wealth capabilities to deliver a solution to address the desires of this ever-expanding wealth segment.

“Premier Elite has something for everyone, to meet their needs across different stages of their life, and has been skillfully crafted to provide all-round wealth, lifestyle and health services and privileges to our high net worth customers,” she said.