• Published on 9 May 2016
• 1709 Views
• Print

HSBC Singapore completes transfer of its retail banking and wealth management business to locally incorporated subsidiary

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC Singapore Branch”) today announced that it has successfully completed the subsidiarisation of its Retail Banking and Wealth Management business in Singapore (the “RBWM Business”).

The subsidiarisation involves the transfer of the RBWM Business from HSBC Singapore Branch to a locally incorporated subsidiary, HSBC Bank (Singapore) Limited (the “Subsidiary”).

This move follows the announcement by the Monetary Authority of Singapore in April 2015 that HSBC is considered one of seven domestic systemically important banks (“D-SIBs”) in Singapore.

With the completion of the transfer today, the Subsidiary will oversee the running of all operations of HSBC’s RBWM Business in Singapore.

Mr Guy Harvey-Samuel, HSBC’s Chief Executive Officer for Singapore, said: “The successful transfer of our RBWM Business to a locally incorporated subsidiary is a significant milestone for HSBC in Singapore.”

"Becoming locally incorporated is a testament to the success, growth and significance of our retail business in Singapore, and it marks the beginning of a new chapter for our business here. We look forward to continuing to support Singaporeans by connecting them to opportunities to achieve their hopes and ambitions.”

“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.”

Key senior management of the Subsidiary remain largely the same as previously, including Mr Harvey-Samuel as CEO and Mr Matthew Colebrook as the Head of RBWM.

Re-disseminated by The Asian Banker