KGI Financial Holding opened its first overseas bank branch in Hong Kong to grow its cross-border business just as the city is making a big push to become a hub for wealth management and global 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.
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.
