HSBC is considering a reorganisation of its Singapore business that would place its main banking activities within a single entity, reported Bloomberg citing sources.
The proposed change would group the bank’s wholesale, retail and private banking businesses in the city state under one structure, the people said.
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The plan comes as HSBC continues a wider restructuring programme launched during the past two years under chief executive Georges Elhedery, who took the role in September 2024.
Since then, the bank has closed, combined and sold a number of businesses as it seeks to simplify operations and lower expenses.
In a statement to Retail Banker International, HSBC spokesperson said: “We continue to review our organisational structure for opportunities for simplification.
“All of our Asia-Pacific banking entities remain under the ownership, management and resolution structure of the Hongkong and Shanghai Banking Corporation Ltd, and there is no plan to make any changes to this.”
HSBC moved its Singapore retail banking and wealth management operations into a locally incorporated entity, HSBC Bank (Singapore), in May 2016.
It also runs a separate branch through The Hongkong and Shanghai Banking Corp, which is its main Asian unit.
Last month, HSBC Holdings agreed to sell its Singapore life and health insurance business, HSBC Life (Singapore), to Germany’s Allianz for S$2.7bn ($2.09bn).
Following completion of that deal, HSBC Bank (Singapore) and HSBC Life SG are due to enter a 15-year exclusive bancassurance distribution agreement.
Under the agreement, HSBC will keep distributing the insurer’s products to its retail banking and wealth customers in Singapore.
The bank is also proceeding with investment in Singapore, including plans for a global AI centre and the hiring of more than 100 artificial intelligence specialists.
