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HSBC Singapore transfers retail banking, wealth management to locally incorporated unit
THE Singapore branch of the Hongkong and Shanghai Banking Corporation has completed the transfer of its retail banking and wealth management (RBWM) business to a locally incorporated subsidiary, HSBC Bank (Singapore) Limited.
The subsidiary - which holds a full bank licence in Singapore with Qualifying Full Bank privileges - will now oversee the running of all HSBC's RBWM business in Singapore.
Effective from Monday, customers need to note the new bank details of the subsidiary - HSBC Bank (Singapore) Limited - for fund transfers to retail/personal accounts. There will be no changes to the bank details for fund transfers to corporate accounts, which continue to be held under HSBC Singapore Branch.
HSBC's other businesses in Singapore - including commercial banking, global banking and markets, and private banking - will continue to operate within the existing HSBC Singapore Branch.
The move followed the announcement by the Monetary Authority of Singapore (MAS) in April 2015 that HSBC is considered one of seven domestic systemically important banks (D-SIBs) in Singapore.
"The move positively affirms HSBC's long-term commitment to the market. Singapore remains a top seven priority country for the HSBC Group globally, and we will continue to invest in our business to further solidify our status as a leading market player here," Guy Harvey-Samuel, HSBC's chief executive officer for Singapore, said.
Key senior management of the subsidiary remain largely the same as previously, including Mr Harvey-Samuel as CEO and Matthew Colebrook as the head of RBWM.