HSBC has announced that it plans to open three new wealth centres in Singapore by the first quarter of 2025.
The move will see the bank increase investment in its physical network fivefold and transform branches into wealth centers to facilitate comprehensive wealth discussions with customers.
The new centres will be located in Singapore’s Central Business District, as well as in the Eastern and Western regions.
As part of a wider strategy to strengthen its international and high net worth proposition; HSBC Over the past five years, we have doubled our technology investment in Singapore to improve our capabilities and customer experience.
The bank’s Wealth and Personal Banking division serves clients across all wealth segments and includes Retail Banking, Global Private Banking, HSBC Life and Global Asset Management.
International expansion is a key area of growth for HSBC, with the bank present in more than 60 markets around the world.
By 2023, international clients will account for 40% of the group’s Wealth & Personal Banking revenues.
In Singapore, HSBC saw a 76% increase in new international clients in 2023, supported by a new digital onboarding process and a range of wealth management solutions.
The bank also expects the number of mass affluent and high net worth clients to grow by double digits from 2019 to 2022, with this growth expected to continue in 2023.
To keep up the momentum, HSBC plans to increase its customer-facing operations by more than a third by 2028.
Won Kee-Ju
Wong Kee-ju, CEO of HSBC Singapore, said:
“Since HSBC first established here in 1877, our purpose has always been to connect customers with business opportunities. Our significant investment lays the foundations for future growth and enables us to better serve our customers’ needs.”
“As Singapore grows as an international financial centre and a hub for international wealth, HSBC is uniquely positioned to meet the wealth and international banking needs of our clients through the scale and breadth of our network and capabilities.”
Ashmita Acharya
Ashmita Acharya, head of Wealth and Personal Banking at HSBC Singapore, said:
“We want to be the wealth management company of choice for affluent Singaporeans and international professionals.
“We have been focused on enhancing customer experience across channels and building a differentiated proposition that supports our customers’ wealth, health and international banking needs – from growing and protecting their assets to planning for their families, their children’s international education and the next generation.”
