HSBC grows SME segment; incubates high-growth startups
It is adding headcount to better support SMEs, growing SME relationship managers by 70% at the end of 2021 from two years ago.
HSBC is expanding its reach in the small and medium-sized enterprise (SME) segment at a time where banks elsewhere remain cautious of lending, with brisk business seen even as Covid-19 wreaked havoc on companies big and small last year.
The bank is now serving SMEs with revenue of S$5-100 million, but is now also looking to incubate high-growth startups that may not meet that criteria yet, said HSBC Singapore's business banking head Ng Li Lian in an interview.
This comes as HSBC recognises that many smaller, fast-growing businesses have non-traditional business models - start-ups, for example - which the bank does not want to lose out on.
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