HSBC is considering bringing its wholesale, retail and private banking businesses in Singapore together, Bloomberg reported, citing people familiar with the matter.
The lender has not confirmed whether the reorganisation will proceed.
It told Bloomberg that it regularly reviews its organisational structure for opportunities to simplify it.
The bank added that the ownership, management and resolution arrangements for its Asia-Pacific banking entities would remain unchanged.
Its main banking activities in the city-state are currently split between a local subsidiary and a branch.
HSBC Bank (Singapore) has housed the lender’s retail banking and wealth management business since May 2016.
The group also operates a separate branch in the city-state.
Standard Chartered made a similar move in May 2019 when it transferred its commercial, corporate and institutional, and private banking businesses to its local subsidiary.
Its retail and business banking operations were already housed there.
The possible consolidation comes amid a wider overhaul since Georges Elhedery became HSBC Group CEO in September 2024.
The lender has reduced or exited selected operations while combining others.
In July, HSBC agreed to sell its Singapore life and health insurance operation to Allianz for S$2.7 billion, or about US$2.1 billion.
The bank is investing in other areas locally. It plans to establish a global artificial intelligence (AI) centre in the second half of 2026 and recruit more than 100 specialists.
Featured image: Edited by Fintech News Singapore, based on image by HSBC
