Thursday, June 14, 2007 Bank wants bigger share of rich Pinoys
A UNIVERSAL bank is capitalizing on the Philippines’ growing market of “mass affluent customers” as it intensifies its wealth management service.
Hong Kong and Shanghai Banking Corp. (HSBC) Philippines president and chief executive officer Mark Watkinson said there are about 200,000 individuals in the Philippines who belong to the mass affluent market and they are the focus of HSBC’ redefined Premier, a global wealth management service.
Watkinson, during the launch of the new Premier, said the mass affluent market are people who are “open-minded and future-oriented, well traveled, modern, unpretentious yet ambitious, and see the world as full of opportunities to learn, grow, and get the most out of life.”
He said this market has liquid assets of $100,000 to $2 million. “There are around 200 million in this segment around the world,” he added.
Freedom
“While the affluent still value being recognized as important individuals, they no longer pursue wealth just for wealth’s sake but as an enabler to have the freedom and time to enjoy the things that matter in life like good health, knowledge, family and life experiences,” Watkinson said in a statement.
Because of this, he said the mass affluent demand for a comprehensive wealth management service that will take care of their finances wherever they travel.
This is why the bank has redefined HSBC Premier, a global wealth management service providing personalized assistance with the help of the bank’s “relationship managers.”
The enhanced Premier allows customers to take their bank accounts and credit history wherever they choose to live and work.
It also allows customers to transfer their credit history when moving abroad, to obtain credit facilities in other countries.
“In the US for example, it is difficult to get credit if you have no personal track record. But with Premier, your credit information is sent to the bank so you can have access to mortgage (and) loans, (among others),” Watkinson told a press conference last Tuesday at the Marco Polo Plaza Hotel.
Access
HSBC Premier customers are depositors who have accounts of at least $80,000 with the bank. They have access to their HSBC accounts through a single log-on online system, enjoy pre-approved loans for overseas property purchases subject to local regulations, pre-approved Premier MasterCard with waived annual fees and other privileges even while traveling abroad.
Clients also have access to round-the-clock worldwide emergency service, which can provide credit card replacement and emergency cash.
While other banks offer similar packages, HSBC Philippines senior vice president for wealth management Patrick Cheng said what is unique about Premier is that it “maximizes the use of international networks to help international clients.”
Cheng is optimistic that HSBC would get a good share of the mass affluent market in the Philippines because of the country’s strong economic boom.
“The market in the Philippines is more than ready because people want access to information. Filipinos are now globally inclined,” he said. (MMM)
