Taiwan's KGI Bank opens first Hong Kong branch with focus on wealth management, family offices
The Taipei-based financial institution opened its KGI Bank outlet at Three Pacific Place in Admiralty, it said in a statement, a significant milestone in its strategy to become a pan-Asian financial services group.
'With a strong foundation among corporate clients, the branch will further enhance our capabilities in cross-border capital management and financing services,' said Kate Lin, the bank's president. The group also plans to roll out a suite of family office services for corporate clients, she added.
Hong Kong strengthened its position as a leading global wealth management hub after assets under management in the city grew 13 per cent to HK$35.14 trillion (US$4.5 trillion) from a year earlier, just shy of the record of HK$35.55 trillion set in 2021, according to a survey published by the Securities and Futures Commission.
Office blocks at Pacific Place in Admiralty. Photo: Nora Tam
The survey showed more wealthy customers used Hong Kong to manage their wealth, as evidenced by a 15 per cent increase in private banking and private wealth management assets to HK$10.4 trillion last year.
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