HSBC Singapore completes transfer of retail banking, wealth management arms to locally-incorporated subsidiary

It affirms HSBC's commitment to the market.

HSBC Singapore Branch has successfully completed the subsidiarisation of its retail banking and wealth management (RBWM) business in Singapore. The move follows an announcement by the Monetary Authority of Singapore in April last year that HSBC is considered one of seven domestic systemically important banks (D-SIBs) in the city-state.

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

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

Mr, 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," said Guy Harvey-Samuel, HSBC’s Chief Executive Officer for Singapore. 

“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,” he added. 

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