HSBC Premier looking to double customers in next 5 years

HSBC Premier, the banking business of the Hongkong and Shanghai Banking Corp. Ltd. in the Philippines that caters to the affluent market, is looking to double its customers over the medium term following its relaunch, a top official said Tuesday.

According to HSBC country head of International Wealth and Premier Banking Pramoth Rajendran, the company is looking to achieve its target within the next three to five years, citing the country’s potential with over 1 million customers in the market.

“We have very ambitious growth plans and being the only international retail bank in the Philippines, we are looking to grow aggressively within our target segments,” he told reporters during a briefing in Makati.

“We are looking to double our customers over the medium term,” he added, with the bank servicing both corporations and individuals.

HSBC Premier caters to the affluent market, targeting those with a P3-million total relation balance or the combined consolidated total funds with the bank across products, or with a P300,000 gross monthly salary.

“In the Philippines, within our target segments, we’ve got enough of room to grow. There is enough potential here. You’ve got 1.5 million customers in the Philippines so the ability to grow in that target segment, in the long term, medium to long term, it’s intact,” Rajendran said.

“I look at it more in terms of customer growth. And with the accelerated customer growth, we are also seeing more and more customers who are taking up wealth, but there’s also more and more existing customers who are diversifying in wealth,” he added.

This comes as HSBC Premier relaunched in February with the rollout of several offerings on health, travel, wealth, and international. It has also partnered with four local Michelin-starred and selected restaurants for promotional offers, with six other dining establishments in the pipeline.

HSBC Premier includes medical concierge services and 24/7 emergency ambulance assistance, travel privileges such as insurance of up to $100,000 and airport lounge access, and 0.99% foreign exchange rates on international transactions. —RF, GMA Integrated News