HSBC plans to open three wealth centres in Singapore by first quarter of 2025

To sustain its growth momentum, the bank plans to increase its number of client-facing roles by more than a third by 2028.

HSBC is planning to open three wealth centres in Singapore by the first quarter of 2025, in hopes to increase investment fivefold in its physical network as it pivots its branches into wealth centres to facilitate wealth conversations with clients.

The three centres will be located in the Central Business District, as well as the east and west region of Singapore.

In a statement on 4 June, HSBC cited its international proposition as an area of growth for the bank. In Singapore, it saw double-digit growth in client numbers for its mass affluent and high net worth segment from 2019 to 2022, which continued to grow in 2023. To sustain this growth momentum, HSBC plans to increase its number of client-facing roles by more than a third by 2028.

The statement added that over the last five years, HSBC has doubled its technology investments in Singapore as part of its broader strategy to build its international and wealth propositions. These efforts, it noted, help to uplift the bank's capabilities and deliver improved customer experiences.

These investments "underline HSBC’s growth ambitions to be the leading wealth manager in Asia and reflects the bank’s long-term commitment to Singapore and its position as an international wealth hub."

Read the full statement here.

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Lead image / HSBC