HSBC plans to open three wealth centres in Singapore by the first quarter of 2025, as part of its strategy to build its international and wealth propositions.
The bank is increasing its investments fivefold in its physical network, as it pivots its branches into wealth centres “to facilitate comprehensive wealth conversations with clients”, it said on Tuesday (Jun 4).
The three centres will be in the central business district (CBD), as well as the east and west regions of Singapore. The first centre will open in the CBD in June.
HSBC also plans to increase client-facing roles in Singapore by more than a third by 2028, to sustain growth momentum.
International customers accounted for 40 per cent of the group’s wealth and personal banking revenue in 2023, the lender said.
In Singapore, HSBC had a 76 per cent on-year increase in new-to-bank international customers in 2023, amid new digital onboarding journeys and an expanded range of wealth solutions.
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The bank also experienced a double-digit growth in client numbers in Singapore for its mass affluent and high net worth segment from 2019 to 2022, with the rate continuing to grow in 2023.
Ashmita Acharya, head of wealth and personal banking at HSBC Singapore, said the bank wants to be the “wealth manager of choice” for affluent Singaporeans and international professionals.
Wong Kee Joo, chief executive officer of HSBC Singapore, added: “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.”
