As HSBC mounts an aggressive push to tap the burgeoning wealth in Asia, HSBC Singapore has targets to double total wealth – including deposits and investments – from the retail and private banking segment over the next five years.
The bank is set to hire over 400 retail and private banking customer-facing employees over five years as it focus on high-net-worth individuals (HNWIs) from across Singapore and abroad.
The rising domestic wealth and international flows to Singapore underpins HSBC Singapore’s wealth strategy, the bank said in a statement.
“Commercial banking is the jewel in the HSBC crown, and we have one of the largest corporate client calling cards across the banking industry. We have only begun to scratch the surface of the personal wealth opportunity within our own corporate banking network,” Philip Kunz, head of private banking, Southeast Asia said.
Anurag Mathur (pictured), head of retail banking and wealth management, HSBC Bank (Singapore) added: “Our well-established retail banking presence in this region, and around the world, places us in an enviable position.
Our business in Singapore is primed to serve over one million of HSBC’s high net-worth customers from around the region, as well as China and India, to grow our wealth business.”
HSBC Singapore’s retail banking and wealth management business targets individuals with $1-5m in investible assets. The bank’s private banking arm in Singapore, meanwhile, looks at HNWIs with more than $5m, and in particular the UHNW segment with $100m or more in investible assets
Asia figures prominently in HSBC’s push to add up to 1,300 new positions in the region by 2022, as previously reported. HSBC employs roughly 3,000 in its wealth division – one of the world’s largest.
Today, Asia now represents about 75% of the group’s profits.