British banking group HSBC is reportedly looking at wealth management as a new profit driver as it increases its focus on the Asian market.

Bloomberg quoted the bank’s CEO Noel Quinn as saying that HSBC would “invest at scale” where it finds the greatest opportunity.

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The bank is eyeing the markets of Asia, the UK and the Middle East for expansion, said the report. The move was not confirmed by the bank.

The aim is to position HSBC as one of the biggest wealth managers across the globe, stated Quinn.

In this context, the report also mentioned that HSBC is still a small player compared to its peers in the area of managing the assets of the super-rich.

At the end of 2019, HSBC managed more than $361bn of assets for its wealthiest clients while Switzerland’s UBS managed $2.6trn in assets.

In 2019, HSBC’s wealth management and private banking business reported adjusted revenue of $8.6bn, of which Asia contributed nearly 65%.

The bank is currently in the midst of a 35,000-redundancy programme and is undergoing a massive overhaul, including the integration of its retail banking, wealth management, and global private banking units.

The latest plans are the bank’s second strategic reset in a year. The new measures are expected to be unveiled with the bank’s full-year earnings, scheduled to be released on the 23rd of this month.

The bank is also weighing relocation of some of its executives to Asia, Bloomberg said.

Greg Guyett and Georges Elhedery, who are the co-heads of global banking and markets, could move to Hong Kong, the report said.

Also, head of global corporate banking Barry O’Byrne and head of wealth and personal banking Nuno Matos could relocate to Asia from London.

HSBC recently launched a new private banking business in Thailand. The onshore team in Thailand, headed by Saranya Arunsilp, will offer client management and advisory services.

The bank recently also established a fintech subsidiary in Shanghai to scale up its business in mainland China.

HSBC Fintech Services (Shanghai) Company Limited is said to be the first fintech subsidiary opened by a foreign financial institution in China.