HSBC Holdings PLC is setting up an ultra-high-net-worth team in Asia that will target clients with assets of at least US$30 million, Bloomberg News reported March 11, citing the group's Asia Pacific head of global private banking, Tan Siew Meng.

The company's hiring for the Asia ultra-high-net-worth business will be part of its plan to add 700 private banking jobs in the region by 2022. Tan did not provide details about the new team's staffing.

In an email to Bloomberg, HBSC said it has made two hires for the team, naming Gabriel Tam as Asia head of ultra-high-net-worth solutions and Erik Bergqvist as head of ultra-high-net-worth segment management.

Tam had previously worked at Bank of America Corp., while Bergqvist was formerly with Julius Bär Gruppe AG.

HSBC needs to address the ultra-high-net-worth segment well in order to achieve its growth plans in the Asian region, Tan said.

According to a a report by Knight Frank LLP, the number of Asian billionaires will increase by 27% to 1,003 by 2023, making up more than one third of the world's total.