HSBC transfers retail, wealth biz to local unit
THE Singapore branch of the Hongkong and Shanghai Banking Corporation (HSBC) has completed the transfer of its retail banking and wealth management (RBWM) business to a locally incorporated subsidiary, HSBC Bank (Singapore) Limited.
The subsidiary - which holds a full bank licence in Singapore with Qualifying Full Bank privileges - will oversee the running of all HSBC's RBWM business here.
Effective from yesterday, customers need to note the new bank details of the subsidiary - HSBC Bank (Singapore) Limited - for fund transfers to retail/personal accounts.
HSBC's other businesses in Singapore - commercial banking, global banking and markets, and private banking - will continue within HSBC's Singapore branch.
The move followed the news from the Monetary Authority of Singapore in April last year that HSBC is seen as one of seven domestic systemically important banks here.
"The move positively affirms HSBC's long-term commitment to the market. Singapore remains a top seven priority country for the HSBC Group globally, and we will continue to invest in our business to further solidify our status as a leading market player here," Guy Harvey-Samuel, HSBC's chief executive officer for Singapore, said.
Key senior management of the subsidiary remain largely the same as previously, including Mr Harvey-Samuel as CEO and Matthew Colebrook as the head of RBWM.