HSBC expects Taiwan assets to double in '08

HSBC, Europe's biggest bank, said Thursday it expects its wealth management assets and customers in Taiwan to double this year, as it embarks on a campaign to expand the business.

"Taiwan has been a priority and we have very high expectations for this business," Betty Miao, senior vice president and head of personal financial service, told reporters at a news conference. She declined to say how many wealth management clients HSBC now has in Taiwan, or the company's total Taiwan assets. HSBC said last month it expected to remain profitable in Taiwan in 2008, with its acquisition of a local rival helping it access more clients in Asia's third-largest wealth management market.

HSBC will focus on expanding two competitive but profitable businesses: wealth management and small-medium enterprises investing in China.