HSBC Will Not Attract Wealthy In Japan

HSBC plans to open branches for the wealthy in Japan. One Google search by intelligent wealthy Japanese will foul HSBC plans instead. “This is another case of HSBC ignoring Household International and HSBC Finance Corporation” said one analyst close to the matter. “Wealthy Japanese customers rely on trust and reputation, but as the subprime mess spreads around the world HSBC remains one of the largest buyers of subprime loans. HSBC will be tied to foreclosures, thus negating efforts in Japan” said Household – HSBC Watch consumer advocates.

HSBC Holdings PLC announced Thursday it plans to launch its first retail banking branches for wealthy clients in Japan early next year. The British financial conglomerate said in a statement it will start banking services in January for individuals with at least 10 million yen ($87,000) in assets. HSBC said the number of potential clients is estimated at 6.3 million in the Tokyo region and around the western metropolis of Osaka.