Tatler+ HSBC Private Banking
Siew Meng Tan, head of HSBC Private Banking for Asia Pacific, discusses why the bank is in a unique position to help forward-thinking families achieve their wealth ambitions
Around the world, families and businesses are facing complex challenges, from human health crises such as Covid-19 to the existential threat of climate change. At the same time, globalisation, cheap energy and rapid growth have spurred unprecedented wealth creation over the past 50 years, while a new cohort of Asian business leaders is taking over at a time of much uncertainty.
Given this challenging environment, sound advice will be key. Trusted financial partners and advisers are more important than ever in supporting families and businesses in their personal wealth and business ambitions, ensuring a successful transfer of wealth to the next generation and the preservation of wealth for generations to come.
And there are few more trusted advisers in Asia than Siew Meng Tan, head of HSBC Private Banking for Asia Pacific. With a long track record as a corporate banker in Singapore, CEO of HSBC Mauritius and HSBC Thailand, she has made a successful transition into private banking.
Accolades
Since she took over the regional role to lead HSBC Private Banking in 2017, clients have responded positively to the changes she has ushered in, which have resulted in significant growth, driven by an ambitious strategy of leveraging HSBC’s strength in Asia and connecting across the group’s global footprint and commercial banking expertise.
Tan has also been busy expanding the bank’s wealth capabilities, bringing onboard teams of investment specialists and product experts, in addition to key hires across estate planning and family office advisory to provide the most comprehensive range of wealth, business and family succession solutions to service the needs of Asia’s elite.
Her background and insight as a commercial banker with HSBC have also shaped her unique ability to bring together the corporate and private wealth worlds for the benefit of Asia’s growing business families. “Much of the wealth in the region comes from families who have been successful in building solid businesses,” she says. “The fact that I’ve worked with so many of these business owners gives me a thorough understanding of how I can rally the resources of the HSBC Group to support them across their more complex needs”.
On the private wealth side, there is a heightened focus on wealth preservation and succession planning.
“The business owners and leaders we work with spend so much time managing the business, that they tend to delay planning for their families,” Tan says. “This is where HSBC Private Banking is uniquely positioned to address the needs of these families.”
With 155 years of heritage in Asia, HSBC has an unparalleled connection to the region, representing stability for families planning multi-generational wealth strategies.
Of course, HSBC’s global footprint outside Asia is also important for the region’s global families.
“Families are looking at how they can diversify their wealth, and they’re looking for service and support to help them,” says Tan. “But it’s also about supporting the global lifestyle that such families lead, such as sending their children overseas for education. They don’t just want investment advice; they also want us to be able to support them across their international banking needs.”
