HSBC opens wealth centre on 99th floor of ICC, in boost to Hong Kong's weak office market

Core Insights - HSBC Holdings has opened a 23,000-square-foot wealth management center in the International Commerce Centre (ICC), aimed at enhancing its service to wealthy clients and revitalizing Hong Kong's office market [1][4]. Group 1: Wealth Management Center Details - The new center is located on the 99th floor of the ICC, making it HSBC's largest wealth management office globally, featuring 51 meeting rooms and two event spaces [2][4]. - The center can accommodate up to 220 clients for banquets and is recognized as the highest-altitude bank in the world [2]. - Rental costs for the ICC are estimated between HK$1.5 million (US$192,307) and HK$1.6 million per month [3]. Group 2: Strategic Importance - HSBC aims to position Hong Kong as the world's largest cross-border wealth hub by 2030, catering to high-net-worth customers who value privacy and scenic views [4]. - The ICC center is the fourth large wealth management facility in Hong Kong, with plans for a fifth location in the International Finance Centre by the end of 2025 [5]. - Despite the rise of digital banking, there remains a strong demand for face-to-face interactions with wealth management experts among high-net-worth clients [6]. Group 3: Investment Strategy - HSBC's CEO has announced a strategic shift to redirect US$1.5 billion from low-return markets to high-growth areas, including Hong Kong, with a focus on wealth management [7].