HSBC UK has appointed a dedicated team to help its retail customers become more environmentally conscious, as recent data from the bank reveals a surge in uptake of sustainable investments.
The HSBC Wealth and Personal Banking (WPB) Sustainability team, led by Chris Conn, will drive and deliver initiatives to help HSBC UK customers become more aware of their environmental impact and as a result, make more informed financial decisions.
The announcement comes as HSBC UK figures show a 62% increase in the purchase of sustainable funds between July and August, following the bank making it easier for people to invest in its Global Sustainable Multi-Asset Funds online. Over £3 million was invested in sustainable funds in September 2021 – representing a 239 per cent increase for the same month last year.
The five funds, which range from a ‘cautious’ to ‘adventurous’ risk appetite, invest in companies with a higher-than-average environmental, social and governance (ESG) score and a lower carbon footprint.
This increased demand in ESG investments has also been seen with clients of HSBC’s Private Bank in the UK which launched a Sustainable Discretionary service in May 2021, targeting less than half the carbon intensity and a higher average ESG score of comparable portfolios in the wider market. Since then around $148m has been invested into this portfolio by private clients. Half of all new flows are going into this sustainable portfolio rather than the standard discretionary portfolio.
James Hewitson, Head of Wealth Management at HSBC UK said: “Customers can start investing sustainably in as little as five clicks and from only £100, making it an easy and accessible investment option.
“This is just the next step in embedding sustainability, with many more ESG initiatives on the horizon, and speaks to our long-term commitment to support a sustainable future for generations to come.”
Chris Conn, Head of WPB Sustainability said: “A few years ago many of our customers didn’t know a lot about sustainability, mostly because they didn’t need to. “With social awareness increasing, sustainability is becoming less of a ‘nice to have’ and more of an essential consideration in everything we do, including the way we bank. Already we are seeing huge interest in our sustainable funds as more people choose to consider the ethical nature of their investments.
"I’m looking forward to guiding and supporting teams across HSBC UK to ensure all of our products and services are built and developed with sustainability in mind and in turn help customers understand the environmental impact of the choices they make.”
From now until 3 November, HSBC UK customers can receive £100 cashback when they open an investment account1
This is in addition to HSBC UK’s existing cash offer of £125 to new customers when they switch to an Advance or Premier bank account using the Current Account Switch Service2.
To be eligible for the £100 cashback offer customers must open a Global Investment Centre (GIC) account and invest a minimum of £4,000 within 30 days. GIC accounts can only be opened by HSBC UK customers who hold one of our current accounts or a Flexible Saver account.3
Hannah Langston, HSBC UK Press Office: | firstname.lastname@example.org | 07384 792 248
For the latest news and updates, visit the HSBC UK newsroom: https://www.about.hsbc.co.uk/news-and-media
Notes to Editors
1 To be eligible for the offer customers must not hold an existing GIC account or had a GIC account that was closed or terminated within 18 months from the date of opening a new account. Customers must invest at least £4000 in a GIC account within 30 days from the account opening date. Any investment made more than 30 days after the account opening date will not be eligible for the cash incentive. Subject to the customer meeting the Cash Incentive eligibility criteria, HSBC UK will make a payment of £100 within 60 days of the opening date of the GIC account. Offer may be withdrawn anytime.T&Cs apply.
2 New to bank customers must not be an HSBC current account holder on the date of application and have not been on or after 1 January 2018. This offer isn’t available to customers who have opened a first direct account since 1 January 2018 and customers must use the Current Account Switch Service to complete a full switch within 30 days of account opening with minimum 2 Direct Debits / Standing Orders. Offer may be withdrawn anytime. T&Cs apply.
Conditions for an HSBC UK Advance Account include qualifying for a minimum £1,000 arranged overdraft, paying at least £1,750 a month into the account each month, or a minimum of £10,500 every 6 months. This does not include money transferred from any other sole or joint personal accounts held with HSBC UK Bank.
Conditions for an HSBC UK Premier Account include having an individual annual income of at least £75,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product; or within 6 months, having savings or investments of at least £50,000 with HSBC UK.
3 Customers can open a GIC account through one of the following five routes:
The value of investments, and any income from them, could go down as well as up, and you may not get back what you invest. This may also happen as a result of exchange rate fluctuations, as some investments have exposure to overseas markets. Investing should be seen as a medium to long-term proposition, for example, at least five years.
HSBC UK serves around 14.5 million customers in the UK and employs approximately 32,000 people. HSBC UK offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and large corporates. HSBC UK is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,959bn at 31 March 2021, HSBC is one of the world’s largest banking and financial services organisations.