HSBC has completed the transfer of its retail banking and wealth management operation in Singapore to a locally incorporated subsidiary, HSBC Bank (Singapore).
The move follows the announcement by the Monetary Authority of Singapore (MAS) in April last year that HSBC is considered one of seven domestic systemically important banks in Singapore.
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With the completion of the transfer, HSBC Bank (Singapore) will now oversee the running of all HSBC’s retail banking and wealth management businesses in the country.
Other Singapore-based operations of the lender such as commercial banking, global banking and markets, and private banking operations will continue to be run by HSBC Singapore branch.
HSBC CEO for Singapore Guy Harvey-Samuel said: "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."
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