HSBC is set to launch a flagship wealth centre in London's prestigious Mayfair district, marking a significant expansion of its Premier banking services aimed at attracting wealthy clients in Britain.

The banking giant will occupy two floors of the Smithson Tower on St James's Street, establishing an 8,000 sq ft facility that will offer premier-tier customers access to concierge services, catering facilities, and a barista coffee bar. The centre, scheduled to open by summer 2025, will feature 12 high-specification meeting rooms with panoramic views of London.

Jose Carvalho, head of wealth and personal banking at HSBC UK, outlined the centre's dual purpose, telling The Guardian: "We may do serious business and financial planning there during the day, but in the evening... there could be wine tasting with a couple of our corporate clients."

The Premier service targets what HSBC calls "mass affluent" customers - those with between £100,000 and £2 million to invest - and will now offer 24-hour customer service alongside financial planning tools and lifestyle benefits. Carvalho told Reuters that HSBC sees "substantial growth" potential in this segment, which currently includes 16.5 million customers in Britain and is expected to grow to nearly 18 million within three years.

The bank has embarked on an ambitious plan to double its assets under management in its British wealth business to £100 billion over the next five years. This expansion includes hiring hundreds of new relationship managers and bringing more than 100 call centre staff back to the UK from overseas locations to enhance service quality.

The move comes as part of a broader strategic shift under new chief executive officer Georges Elhedery, who took the helm in September. HSBC's global wealth and private banking division managed $1.19 trillion in customer assets as of December last year, representing a 17 per cent increase from 2022, and generated revenues of approximately $7.5 billion.

The bank's wealth management push mirrors similar initiatives by competitors Barclays and Lloyds Banking Group, as financial institutions seek to grow fee income to offset declining lending revenue amid changing interest rates.

If successful, the Mayfair centre could be the first of several across the UK. "If it goes really well, this is not something that we want just in London," Carvalho told The Guardian, indicating potential expansion to "Manchester, the Liverpool area... [and] York."

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