HSBC Bank Malaysia has opened a new wealth center in Johor Bahru. This is part of its strategy to expand its business with high net worth and ultra-high net worth clients and strengthen its presence in key cross-border growth corridors.
The center is located at the bank's branch in Jalan Bukit Timbalan and is available by appointment only. It serves Premier Elite clients and offers customized personal wealth management solutions with a focus on wealth accumulation, protection and estate planning.
Premier Elite is available to selected Premier account holders who maintain a minimum balance of RM3 million with HSBC $HSBA (+0,33%) with HSBC.
Clients also gain access to senior relationship managers, wealth specialists and customized portfolio solutions.
The launch was officiated by Mr. Lee Ting Han, Chairman of the Investment, Trade, Consumer Affairs and Human Resources Committee of the State of Johor and attended by Datuk Omar Siddiq, CEO of HSBC Malaysia and Linda Yip, Country Head of International Wealth and Premier Banking.
HSBC said Johor is an ideal location due to its proximity to Singapore and the increasing investment inflows from the Johor-Singapore Special Economic Zone, as well as the state's diversification into data centers, digital infrastructure and advanced manufacturing.
Lee said the pursuit of higher growth coupled with a stronger ringgit is raising living standards and bringing the state closer to high-income status. He added that the financial sector and international connectivity play a crucial role in supporting this development.
Yip described the opening as an important milestone for HSBC's wealth management business. "This investment reflects our confidence in the growth potential of the state of Johor and the increasing need for sophisticated wealth solutions for our growing number of Premier Elite clients," she said in a statement.
The new center is also adorned with HSBC's two famous lions, Stephen and Stitt, which stand overlooking the Straits of Johor and symbolize the international flow of wealth. It houses "Tides", an art installation by Malaysian artist Red Hong Yi, made up of 12,960 gold 50 sen coins, depicting the rising movements of ocean waves and the flow of wealth across generations.
The opening in Johor Bahru follows the opening of HSBC's flagship wealth center in the Tun Razak Exchange financial district earlier this year and is part of its ambition to become a leading international wealth manager in Malaysia.