HSBC Holdings PLC, Europe's biggest bank by market value, said Thursday it plans to open branches in Tokyo, Osaka and other large cities in Japan to grab a greater share of private assets.
The bank will offer wealth management services starting in January through its network, it said in a statement sent to Bloomberg News. The plan is subject to approval by Japanese regulators, London-based HSBC said.
HSBC, which opened its first Japanese branch in Yokohama in 1866, is seeking a share of the $13 trillion in financial assets held by individuals in the world's second-largest economy. Citigroup, the largest U.S. bank, said earlier this year it wants to double its retail banking outlets in Japan.