HSBC continues its push into Singapore's retail banking and wealth management business, opening a new branch in one of the most affluent neighbourhoods in Singapore.
On Monday, the bank opened its 12th retail branch at Coronation Shopping Plaza, along Bukit Timah Road, where many of its affluent local and expatriate customers live.
HSBC said the nearly 3,000 sq ft branch will provide the best services for HSBC Premier and HSBC Advance customers to meet their international banking, investment and wealth management needs.
A HSBC Premier customer has a minimum of S$200,000 in total relationship balance with the bank, or a property loan size of minimum S$800,000, with loan to value of 80 per cent or less.
As for a HSBC Advance customer, he or she will need to have a total relationship balance of at least S$30,000 in deposits, investments and/or insurance, or a home loan with an initial loan quantum of at least S$200,000.
Matthew Colebrook, head of retail banking and wealth management, HSBC Singapore, said expanding the bank's presence in prime locations is a significant part of the strategy to target the affluent market.
The new branch will also feature HSBC's Digital Hub, which aims to meet the needs of tech-savvy customers who see digital banking as one of their top priorities. This is a dedicated area that is equipped with mobile devices and computers that enable customers to experience a wide range of e-banking services first-hand.
The launch of HSBC's Bukit Timah branch coincides with the upgrade of existing branches in Marine Parade and Holland Village from December 2014.