TOKYO (Reuters) -- HSBC Holdings Plc. aims to open its first seven retail branches in Japan next year, a senior executive said on Wednesday, as Europe's largest bank continues its campaign to win over rich Japanese.

The bank is also planning to boost the network to as many as 50 outlets in the next five to ten years, as it rolls out its ""HSBC Premier"" service, a retail business targeting individuals with at least 10 million yen ($90,200) in liquid financial assets.
But the European bank, which has had little more than a niche presence during its 140 years in Japan, will have to overcome stiff competition and a lack of name recognition among many Japanese.
""By the end of 2008, we plan to have a total of seven HSBC Premier centers up and running in Japan,"" Francois Moreau, head of personal financial services for Japan, said at a news conference.
Following that, the bank hopes to open five more locations in the Tokyo area and one in the Osaka region by the end of 2008, pending regulatory approval, Moreau said.
Domestic powerhouses such as Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group Inc. are also targeting the same market, as is U.S. bank Citigroup Inc.
HSBC Premier pairs customers with a financial adviser who will offer wealth management products based on the customer's goals and risk appetite.
Currently, HSBC offers the service to about 2 million customers in about 35 different countries, Moreau said.