HSBC Holdings PLC, one of the leading banking and financial services company in the world, announced its plan to expand its wealth staff in Singapore, following the company’s plot to boost its Asia retail wealth management to about 300 by the end of the year.
According to a report from Reuters, while the multinational banking giant, which gets more than 80% of its profit in Asia, still hasn’t disclosed its current wealth management headcount in Singapore, the bank’s retail banking and wealth management unit still scores lower in performance compared to its retails in China and Hong Kong.
This was later confirmed by Asia Pacific head of retail banking and wealth management Kevin Martin. In an interview by Reuters, he says, “It’s fair to say that our entire business in Singapore underperformed, and we haven’t hidden from that fact.”
However, Martin was also quick to maintain the company’s effort to sharpen its focus on Singapore, saying, “There is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore.”
In July of last year, 58% of the responders of a survey conducted by trade publication Asian Private Banker hailed Singapore as the top preferred offshore wealth management hub, surpassing Hong Kong, Switzerland, and London.
Aside from HSBC, other multinational banking giants, such as Citigroup Inc, Standard Chartered PLC, and Southeast Asia’s biggest lender DBS Group Holdings Ltd, have established their retail units in the country.
Following its plan to boost its Asia wealth business, the London-based banking and financial institution also intend to upgrade its insurance distribution and product offerings in other neighbouring Asian countries, such as Hong Kong and China this year.
“We are not even partly done in terms of the upside for insurance … And as we have increased distribution, provided all products and put digital capabilities in place and promoted the brand, the growth you see will continue.”