– HSBC plans to accelerate the expansion of its wealth business in China despite economic headwinds and is on track to nearly double its headcount by next year, its global wealth head said, as the lender pushes ahead with its Asia pivot strategy. The bank, which makes the bulk of its revenues in Asia, also plans to expand its mainstay wealth business in India, where it re-launched private banking services last year, said wealth and personal banking CEO Nuno Matos. "We certainly are in an acceleration mode because we are seeing the confirmation of our expectations when we started our wealth journey in China onshore," Matos told Reuters on the sidelines of the HSBC Global Investment Summit in Hong Kong on Tuesday. HSBC has hired around 1,700 wealth managers in China since 2021 under its digital hybrid wealth project Pinnacle, and is on track to boost that to 1,900 by the end of this year and meet a target of 3,000 by 2025, he said.