HSBC to open three wealth centres in Singapore by Q1 2025

HSBC announced plans to open three wealth centres in Singapore by Q1 2025, increasing its investment fivefold in its physical network, as it pivots its branches into wealth centres to facilitate comprehensive wealth conversations with clients.

The three centres will be in the central business district, as well as the east and west region of Singapore. Part of a broader strategy to build the bank's international and wealth propositions, HSBC has doubled its technology investments in Singapore over the last five years, uplifting capabilities and delivering improved customer experiences. Serving clients across the full wealth continuum— mass, affluent, high-net-worth and ultra-high-net-worth, HSBC's wealth and personal banking business includes retail banking, global private banking, HSBC Life and global asset management.

The significant investments underline HSBC's growth ambitions to be the leading wealth manager in Asia and reflects the bank's long-term commitment to Singapore and its position as an international wealth hub.

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

Scaling up to capture growth of wealth assets globally

HSBC's international proposition has been an area of growth for the bank. With presence in over 60 markets globally, HSBC's international customers accounted for 40% of the wealth and personal banking revenue at the group level in 2023. In Singapore, HSBC saw a 76% year-on- year increase in new-to-bank international customers in 2023 compared with 2022, supported by the launch of new digital onboarding journeys for accounts and investments and an expanded range of wealth solutions.

The bank also saw double digit growth in client numbers in Singapore for its mass affluent and high-net-worth segment from 2019 to 2022, and this rate of growth continued in 2023. To sustain this growth momentum, HSBC plans to increase client-facing roles by more than a third by 2028.

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.

Organic initiatives, acquisitions and partnerships bolster wealth proposition

The bank continues to bolster its proposition through a combination of organic initiatives and selective acquisitions and partnerships:

• In February 2023, the legal integration of AXA Singapore and HSBC Insurance (Singapore) was completed, positioning HSBC to grow its insurance business in Singapore and expand its customer reach in wealth and health. HSBC Life Singapore recently launched HSBC Life Diamond prestige IUL, an indexed universal life plan, designed to meet the needs of the affluent segment, offering both life insurance protection and investment. 
• In April 2023, HSBC entered into a 15-year exclusive distribution agreement with MSIG insurance to provide a comprehensive range of general insurance propositions covering retail and commercial lines to HSBC' s retail and corporate banking clients in Singapore.
• ln January 2024, HSBC Asset Management acquired Singapore's Silk Road Property Partners Group to expand its Asia Pacific real estate investment capabilities under its HSBC Alternatives business, adding staff in Singapore, Hong Kong, Shanghai and Japan offices. The acquisition of Silk Road adds unique expertise - Asia physical commercial real estate - that augments incremental dimensions to the bank's overall investment capabilities.
• Global private banking enhanced its ultra HNW services to enable institutional family offices to have better market access and execution capabilities to meet their wealth transfer, legacy planning and more complex investment needs.

According to the Asian Private Banker Asia 2023 league table, HSBC is ranked #1 for wealth continuum in Asia and #2 in private banking for Asia, by assets under management.

Re-disseminated by  Wealth and Society