HSBC Singapore completes subsidiarisation of its retail banking and wealth management business

The Subsidiary will oversee HSBC’s RBWM business in Singapore.

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC Singapore Branch”) recently 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”).

Wholly-owned by Hongkong and Shanghai Banking Corporation Limited, the Subsidiary holds a full bank license in Singapore with Qualifying Full Bank privileges under Chapter 19 of the Banking Act of Singapore.

With the completion of the transfer, the Subsidiary will oversee the running of all operations of HSBC’s RBWM Business in Singapore. All other lines of business of HSBC in Singapore, including the Commercial Banking, Global Banking and Markets and Private Banking businesses, will continue to operate within the existing HSBC Singapore Branch.

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.”

“We first established our presence in Singapore 139 years ago and we are proud that we have been able to grow in lock-step with the City State. 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.