HSBC has plans to open three wealth centres in Singapore by Q1 2025, increasing its investment fivefold in its physical network. The centres will be in the central business district as well as the east and west region of Singapore.
Part of a broader strategy to build the bank’s international and wealth propositions, HSBC has doubled its technology investments in Singapore over the last five years, uplifting capabilities and delivering improved customer experiences, according to a statement by the UK-headquartered bank.
HSBC provides service for clients across the wealth continuum – mass, affluent, high net worth and ultra-high net worth. HSBC’s wealth and personal banking business includes retail banking, global private banking, HSBC Life and global asset management.
Wong Kee Joo, CEO of HSBC Singapore said: “As Singapore grows as an international financial centre and international wealth hub, HSBC is uniquely placed to meet the wealth and international banking needs of our clients through the scale and breadth of our network and capabilities.”
According to the bank’s 2023 annual report, HSBC’s international customers accounted for 40% of the wealth and personal banking revenue at the group level last year. In Singapore, it saw a 76% year-on-year increase in new-to-bank international customers in 2023 compared with 2022, supported by the launch of new digital onboarding journeys for accounts and investments and an expanded range of wealth solutions.
HSBC also enjoyed double digit growth in client numbers in Singapore for its mass affluent and high net worth segment from 2019 to 2022, and this rate of growth continued in 2023. To sustain this growth momentum, HSBC plans to increase client-facing roles by more than a third by 2028.
“We want to be the wealth manager of choice for affluent Singaporeans and international professionals,” said Ashmita Acharya, head of wealth and personal banking at HSBC Singapore.
