HSBC is planning to boost staff numbers in its Asia retail wealth management division by about 300 by the end of this year with a focus on expanding its business in Singapore.
The bank, which makes more than 80 per cent of its profit in Asia, will increase the number of wealth management staff working in Singapore by 50. HSBC’s wealth business in Singapore is smaller than its presence in China and Hong Kong.
HSBC is also planning to increase its insurance distribution and product offerings in Hong Kong, China and Singapore.
“It’s fair to say that our entire business in Singapore underperformed, and we haven’t hidden from that fact,” Kevin Martin, Asia Pacific head of retail banking and wealth management told Reuters.
“As we build Asia wealth… there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore.
Last year the lender’s chief executive John Flint said developing an industry leading wealth management division in Greater China and Southeast Asia is crucial for accelerated revenue growth as individual wealth is increasing at the fastest global pace.
HSBC’s retail banking and wealth management arm covers clients with less than $5m of investable assets, while wealthier customers are able to use its private banking services.