HSBC launches new coverage division for mid-sized NBFI sector, appoints head

HSBC Singapore has launched a new coverage division to support the mid-sized non-bank financial institutions (NBFI) sector.

The new division will provide banking capabilities to the expanding ecosystem underpinning Singapore's growing status as a wealth and investment hub, including funds, the insurance industry and payment providers, HSBC said in a press statement on Thursday.

HSBC has appointed Amanda Jooma as head of NBFI coverage in Singapore. She joined HSBC UK in 2017 and led its NBFI team. Ms Jooma has over 11 years of experience as a coverage banker across the whole financial institutions sector, covering banks, funds, alternative finance companies, broker-dealers and asset managers.

HSBC Singapore head of commercial banking Alan Turner said despite all economic factors, Singapore's allure as a wealth and investment hub has not waned and as it continues to grow, so will the ecosystem surrounding it.

"Leveraging Amanda's proven experience combined with HSBC's global network and holistic product offering, we are well placed to support the complex and often varying needs of NBFIs," he added.

The bank said it has progressively invested in its wholesale banking capabilities in Singapore to capture growth opportunities arising in South-east Asia, as well as its wealth and private banking division, which aims to double overall combined retail and private banking total wealth over five years.