I assume you will want to build your wealth through ETFs therefore through HSBC Expat in your example. Do you feel confortable keeping 1m HKD in HK at all times solely for Premier status? I assume you wouldn’t want to keep that much in HK when you can invest it in ETFs.
I think your conflating two issues here. Most of my money in my HK HSBC account is in ETFs, they're not mutually exclusive.
So, considering that, yeah I'd be relatively comfortable having 1m in HK HSBC. After a few years, due to the introduction of this TVC scheme, MPF alone would cover the sum.
Official HSBC response: "The Invest Direct account balance will not be counted into Expat account relationship balance as it is a separate account operated by HSBC UK but not Jersey.
Jersey only provides a platform for customer to set it up.
Term deposit and savings will be counted into GBP50k total relationship balance requirement, but not investment."
Tagging @shri as well
Yes, seems like it. Not worth the trouble at this point. Also too much uncertainty. HSBC could divest a lot of their retail business in US and Europe and is on the way to lose everything that made HSBC a global bank.
i will go to IB and invest everything through it. Premier relationship is not worth it anymore as the main goal was to centralize everything under one roof and enjoy Global view etc. Not worth it anymore.
Official announcement made last week: "The bank, which has seen its share price tumble to new lows this year, is looking to leave under-performing or non-strategic markets, including the US, France and Turkey"
"Besides, executives are also revisiting a long list of small, non-strategic countries including Malta, Bermuda, the Philippines and New Zealand"
https://www.internationalinvestment....erhaul-reports
I don't see how my statement is "very presumptive"