HSBC Bank (China) has opened a new wealth centre in Hangzhou, marking the sixth such launch in mainland China within a six-month period.

The new centre in Hangzhou will function as a wealth management hub for the city and its surrounding regions.

The bank plans to expand this initiative further, with additional centres set to launch in major cities such as Guangzhou, Nanjing, Qingdao, and Dalian by the end of this year.

Previously, HSBC China opened wealth centres in key locations including Beijing, Chengdu, Ningbo, Shanghai, Shenzhen, and Wuxi.

These wealth centres are expected to modernise traditional banking branches, providing environments that facilitate enhanced interaction between clients, relationship managers, and wealth specialists.

Each centre spans approximately 1,800m², which is four times larger than standard HSBC branches and staffed with four times the number of employees.

The layout of these centres prioritises private discussions and client engagement activities over transaction areas, such as counters. This approach integrates financial and wealth planning with events associated to lifestyle.

HSBC Asia International Wealth and Premier Banking (IWPB) head Kai Zhang said: “Mainland China’s wealth management market is important to our ambition of becoming the leading international wealth manager for affluent and high net worth clients in Asia.

“The market has seen increasing demand for asset diversification, long-term wealth accumulation, and retirement planning solutions.”

In recent months, HSBC has also launched wealth centres in Hong Kong, Singapore, Taiwan, and Malaysia.

HSBC offers wealth management services across more than 30 major cities in China.

In 2024, the bank completed the acquisition of Citigroup’s retail wealth management portfolio in mainland China.

Additionally, HSBC has invested over 4bn yuan ($547.6m) in HyQ, its first wholly owned office tower in Qianhai Shenzhen that was launched in January 2025.

Last month, Reuters reported, citing sources that HSBC plans to reduce its workforce at Pinnacle, its digital wealth business in China, by nearly 50%, impacting around 900 employees. The cuts will occur through layoffs, natural attrition, and reassignments.