British banking giant HSBC is planning to spin-off its Singapore retail and wealth management business to a locally incorporated subsidiary.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData