British banking giant HSBC is planning to spin-off its Singapore retail and wealth management business to a locally incorporated subsidiary.
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The local subsidiary, which will commence operations from 9 May 2016, will manage all operations of the retail banking and wealth management business.
However, the bank’s other lines of business in Singapore including commercial banking, private banking and global banking and markets will continue to operate under the existing Singapore branch.
This move follows an announcement by the Monetary Authority of Singapore (MAS) in April 2015 that HSBC was one among the seven domestic systemically important banks in Singapore.
HSBC had a significant retail presence and was required to locally incorporate their retail operations.
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By GlobalData
