HSBC is opening three wealth centres in Singapore by the first quarter of 2025, with the first one opening within this month at the central business district.
The remaining two wealth centres will be opened in the country’s east and west regions. Compared to its existing international wealth hub at Claymore, these new centres will be more modern, better equipped to encourage engagements, says Ashmita Acharya, head of wealth and personal banking at HSBC Singapore.
The bank is also increasing its investment fivefold in physical networks as it pivots its branches into wealth centres.
Over the last five years, HSBC has doubled its technology investments in Singapore to deliver improved customer experiences. HSBC Singapore CEO Wong Kee Joo says the bank’s substantial investments have set the stage for future growth, enabling the bank to better support the needs of its 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,” he adds.
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% y-o-y 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.
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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, continuing to grow in 2023. To sustain this growth momentum, HSBC plans to increase client-facing roles by more than a third by 2028.
