HSBC to transfer Singapore retail, wealth arm to local subsidiary

[SINGAPORE] Europe's biggest lender HSBC plans to transfer its Singapore retail and wealth management business to a locally incorporated subsidiary on May 9, the bank said on Friday.

The move comes after HSBC was identified by Singapore's central bank last year as one among seven banks which had a significant retail presence in the city-state and needed to incorporate locally.

HSBC was among the four foreign banks on the list.

Regulators around the globe are trying to ring-fence the retail operations of global banks to protect domestic customers.

REUTERS