SINGAPORE: The Hongkong and Shanghai Banking Corporation (HSBC) Singapore branch on Friday (Feb 5) announced its plans to transfer its Retail Banking and Wealth Management (RBWM) business units to a locally incorporated subsidiary by May 9.
In a press release, the transfer of the business units to HSBC Bank (Singapore) Limited is subject to regulatory and court approvals. If given the green light, the latter will oversee the running of the two business units, it added.
HSBC Singapore branch’s move to subsidiarise its RBWM Business follows the announcement by the Monetary Authority of Singapore in April 2015 that HSBC is considered one of seven domestic systemically important banks in Singapore.
Mr Guy Harvey-Samuel, HSBC’s Chief Executive Officer for Singapore, said: “The transfer of our Retail Banking and Wealth Management business in Singapore to a locally incorporated subsidiary reflects the success, scale of growth and significance of our retail business in this market.”
On Thursday, Maybank had announced it is in talks with the MAS on the incorporation of its operations in Singapore. DBS, OCBC, UOB, Citibank and Standard Chartered have already incorporated their retail operations in Singapore.