Horse racing, golf and fireworks dinners along with international school visits are some of the special incentives offered by major Hong Kong banks to attract new clients from the mainland visiting the city during the National Day golden week holiday.

The holiday, which runs up to October 7, is expected to draw more than 1.2 million mainland Chinese tourists to Hong Kong, 10 per cent higher than a year earlier, according to government estimates.

HSBC, Citibank, DBS Hong Kong and Bank of East Asia (BEA) are extending trading hours of some of their branches and wealth-management centres in the tourist hotspots of Tsim Sha Tsui and Causeway Bay to entice mainland visitors to open accounts or buy insurance and wealth-management products amid the recent market rally.

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The benchmark Hang Seng Index surged 2.4 per cent on Monday to close at 21,133.68, taking the gains to 18 per cent for September, the best month since November 2022. The rally picked up after the US Federal Reserve cut its key rate on September 18, heralding the start of the rate cut cycle, with Beijing's package of stimulus measures on September 24 to support the economy fuelling US$1.8 trillion worth of stock gains in Hong Kong and the mainland.

Leisurely activities planned by HSBC and other banks include entry to National Day horse racing in Hong Kong. Photo: Kenneth Chan alt=Leisurely activities planned by HSBC and other banks include entry to National Day horse racing in Hong Kong. Photo: Kenneth Chan>

"We have observed that mainland customers come to Hong Kong during the golden week holiday not only for tourism but also to manage their personal finances," said Winnie Ng, head of distribution sales management for wealth and personal banking at HSBC.

HSBC, the biggest lender in the city, has arranged a wide range of activities for its wealthy clients during their visits to Hong Kong. It has teamed up with three of Hong Kong's top international schools to allow parents and their children to tour these institutions to get first-hand knowledge.

The lender has also arranged a workshop to apprise clients about the Capital Investment Entrant Scheme. More commonly known as the investment migration scheme, it allows those who invest HK$30 million (US$3.8 million) in stocks, bonds or insurance products to get residency in the city.

The other more leisurely activities include National Day horse racing, fireworks dinners and wine pairing meals, as well as visits to the M+ exhibition of fashion designer Guo Pei, which is sponsored by HSBC.

"These activities provide us with valuable opportunities to connect with customers seeking lifestyle options and services beyond traditional banking," Ng said.

Standard Chartered Bank is offering a combination of wealth management and leisure events. The lender has arranged National Day fireworks parties at its wealth-management centres at K11 Atelier in Tsim Sha Tsui and Lee Garden at Causeway Bay. It has also brought together well-known golfers to join clients for a game, and a famous artist to share their experience on legacy planning.

"While providing our clients with a comprehensive range of wealth-management products and services, Standard Chartered Hong Kong also takes care of their needs beyond banking by offering access to a series of money-can't-buy experiences, which are very well-received by our mainland clients," a spokeswoman said.

Citibank, the wealth-management arm of US-based Citigroup, is offering cash rewards of up to HK$41,800 for those who open Citigold accounts, which require at least HK$1.5 million of deposits. They are eligible for up to HK$65,000 cash back if they can open Citigold Private accounts, which need a minimum balance of HK$8 million.

The US bank is also promoting its Wealth Management Connect scheme offering, giving HK$3,000 as cash rewards for mainlanders who open an account and invest 3 million yuan (US$426,930) to buy Hong Kong assets via the cross border investment scheme.

DBS Bank (Hong Kong) will offer HK$1,200 to customers who open a DBS Treasures account, which requires a minimum of HK$1 million in deposits at select branches up to October 18. The account has a wide range of wealth-management products for customers to choose from.

"Our promotion offers are aligned to attract our target customers based on the past experience and predictive analysis," said Maggie Yung, head of treasures and distribution for consumer banking and wealth management at DBS.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved.

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