HSBC announced that it is set to open three new wealth centres in Singapore by the first quarter of 2025.
This move will see the bank increasing its investment in its physical network fivefold, transforming branches into wealth centres to facilitate comprehensive wealth discussions with clients.
The new centres will be located in the Central Business District, as well as in the east and west regions of Singapore.
As part of a broader strategy to enhance its international and wealth propositions, HSBC has doubled its technology investments in Singapore over the past five years, improving capabilities and customer experiences.
The bank’s Wealth and Personal Banking division, which serves clients across all wealth segments, includes Retail Banking, Global Private Banking, HSBC Life, and Global Asset Management.
HSBC’s international proposition has been a key growth area, with the bank present in over 60 markets worldwide.
In 2023, international customers accounted for 40% of the Wealth and Personal Banking revenue at the group level.
In Singapore, HSBC experienced a 76% increase in new international customers in 2023, supported by new digital onboarding processes and a broader range of wealth solutions.
The bank also saw double-digit growth in client numbers for its mass affluent and high net worth segments from 2019 to 2022, with this growth continuing in 2023.
To maintain this momentum, HSBC plans to increase client-facing roles by more than a third by 2028.
Wong Kee Joo, CEO of HSBC Singapore said,
“Since HSBC established its presence here in 1877, our purpose has always been to connect our customers to opportunities. Our substantial investments have set the stage for future growth, enabling us to better support the needs of our clients.
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.”
Ashmita Acharya, Head of Wealth and Personal Banking at HSBC Singapore said,
“We want to be the wealth manager of choice for affluent Singaporeans and international professionals.
We’ve been focused on elevating the customer experience across our channels and building a differentiated proposition that supports our client’s wealth, health and international banking needs – from growing and protecting their wealth, to planning for their family, their children’s international education, and the next generation.”
