Another keyword you should know to be shortlisted for PB/AM Interviews!

"High net worth individuals"

➡️ Meaning: HNWI generally refers to a person who owns more than US$1 million in investment assets (excluding non-current assets such as homes, vehicles, and collectables). In Hong Kong, customers who are defined as HNWI have US$1 million to US$30 million. Customers who have assets that exceed US$30 million are called ultra-high net worth individuals (UHNWI). According to statistics, there are 15.4 million HNWI and 510,000 UHNWI customers worldwide. More than half of UHNWI originated in the United States, Hong Kong has once become the city with the most UHNWI (10,100 people) in 2017 but lost it to New York in 2018.

➡️ Appearance: Keywords like HNWI / UHNWI are important to assess the success of a bank's Private Banking. The reason why BB Banks' Private Banking is better than smaller banks is that their account opening qualifications are much higher. Only UHNWI are likely to become their customers. This is a very important point for students who want to be PB or Am, because the richer the customers you serve, the bigger the exposure and bonus you could get.

For example: ▶️Big banks e.g. UBS, JPM, MS or GS have always been regarded as the most advanced Private Banking because of their high barriers for entry; Like UBS, although it is written that you only need about HKD 80 million to open an account, it is difficult to open an account with UBS as they have already received a lot of new customers. Apart from the above banks, PB in Citi is also very popular.  ▶️The PB account opening of foreign banks e.g. HSBC, DBS or Standard Chartered costs about HKD 30-40 million ▶️The PB admission threshold of Chinese-funded banks would be lower, you can enter with about HKD 10 million.

 

To read more insightful career articles / insider tips, you may visit ➡️ https://hkcareers.blogspot.com/

 

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