HSBC will expand its outlets for affluent clients by at least 50 percent in the second half to capitalize on the booming wealth management business on the Chinese mainland.
HSBC plans to be running more than 45 so-called premier centers by the end of this year, up from the current 30. The services target clients with a daily average balance of at least 500,000 yuan (US$66,050) or the equivalent, HSBC said.
The bank will charge 300 yuan a month for its premier services clients.
The bank is operating its high-end services in 12 Chinese cities, including Beijing, Shanghai and Guangzhou. Almost 50 percent of the premier clients are local residents, HSBC said.
HSBC was among the first four overseas players to launch unlimited retail yuan services to Chinese customers in late April. The others were Citibank, Standard Chartered and the Bank of East Asia.
China is expected to have 8.5 million households with annual incomes of more than US$25,000 by 2015 compared with 2005's 2.9 million households, according to MasterCard.
The Chinese mainland was home to 345,000 people who had a net worth of US$1 million last year, up from 2005's 320,000, according to Capgemini SA.