[SINGAPORE] HSBC Singapore has launched its newest wealth centre in Singapore at The Star Vista mall in Buona Vista, marking the second of three planned sites as the bank pivots towards a strategy based around physical wealth banking services, the bank announced on Friday (Apr 25).
The branch, which will provide HSBC clients with bespoke advisory services, follows the first wealth centre that opened in Singapore’s Central Business District in June 2024. A third centre, located in the east of Singapore, is slated to open by 2025.
The bank’s efforts to deepen its physical network in Singapore are in line with its targets to lead wealth management services among an increasingly affluent local population, HSBC said, noting that its investments into physical branches have increased fivefold.
An increasing number of local banks have taken similar steps to woo customers through elaborate physical branches, featuring curated spaces and lifestyle elements such as restaurants and bookshops.
HSBC said that the centre is designed to provide personalised services to customers in the west of Singapore, offering spaces such as a premier lounge, enclosed teller rooms, private rooms and a cafe run by social enterprise Foreword Coffee.
“Our wealth centres are designed to facilitate meaningful wealth conversations with our customers in Singapore,” said Ashmita Acharya, HSBC’s head of international wealth and premier banking in Singapore.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The wealth centre will also include accessibility features like hearing loops and wheelchair accessibility, HSBC said.
The bank had previously announced in June 2024 its intention to increase its offerings across its whole wealth continuum – from the mass market to affluent, to ultra-high-net-worth individuals.
It had also announced plans to increase client-facing roles in Singapore by more than a third by 2028, to sustain growth momentum.
The bank had recorded double-digit growth in client numbers in Singapore for its mass affluent and high-net-worth segment from 2019 to 2022, with the rate growing further in 2023.
“These investments are part of HSBC’s broader ambition to be the leading wealth manager in Asia,” said Acharya.
She added: “This will support Singapore’s position as a key international wealth hub by improving the accessibility and quality of wealth advisory services for its growing affluent population.”
