British multinational HSBC is planning to strengthen its Asia retail wealth management by additionally including 300 staff this year. The bank has also set eyes on Singapore to expand its business.
“It’s fair to say that our entire business in Singapore underperformed, and we haven’t hidden from that fact,” Kevin Martin, Asia Pacific head of retail banking and wealth management told Reuters.
“As we build Asia wealth… there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore.”
HSBC generates more than 80 percent of its profits from Asia. Martin said that the bank plans to increase its Singapore’s wealth staff by 50. But it has not disclosed the headcount of its Singapore’s wealth management division. The division’s presence is smaller compared to China and Hong Kong.
Last year, HSBC’s Chief Executive John Flint said that the main agenda is to grow its wealth management business in Greater China and Southeast Asia. This is mainly to speed up revenue growth in Asia. It is considering both onshore and offshore clients, which a rich clientele based in China, India, and other Southeast Asian countries.
The bank’s wealthier clients mostly focus on its private banking services. That said, its retail banking and wealth management division includes clients with investable assets less than $5 million.
In Q1 2019, HSBC’s life insurance as part of the wealth management division achieved a 66 percent growth in revenue to $793 million.
Martin said that they have boosted distribution, offered all products and extended digital capabilities to promote the brand’s growth.