HSBC aims to be top Asia wealth manager in 5 yrs, eyes China middle class

The London-based bank has outlined ambitious plans to expand in wealth management, particularly in China.

HSBC Holdings Plc is targeting to become the number one wealth manager in Asia in “roughly five years” as Europe’s largest bank shifts capital to tap clients in the increasingly affluent region, according to HSBC Pinnacle Venture Chief Executive Officer Trista Sun.

“Household wealth in China has grown so rapidly, become the second largest globally,” Sun said in a Bloomberg Television interview on Monday. “And within it we see a middle class of about 340 million population, which we expect to grow to about 500 million by 2025.”

The London-based bank is pinning its future on Asia, and has outlined