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HSBC to incorporate Singapore subsidiary in May

Local incorporation means customer deposits will be ringfenced from group operations

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Published Thu, Feb 4, 2016 · 09:50 PM

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    Singapore

    ONE hundred and thirty-nine years after HSBC opened its first branch in Singapore, the bank will locally incorporate its retail operations on May 9 - fulfilling the objective of the Monetary Authority of Singapore (MAS) to protect customer deposits.

    History aside (HSBC's first branch opened here in 1877), local incorporation means customer deposits will be ringfenced from the group's operations, providing protection from potential loss of customers' money should the bank run into trouble.

    HSBCMaybank

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