The British finance company, HSBC Holdings aims to increase its wealth management staff in Asia by almost 300 by the end of 2019. The banking and finance company tries to sharpen assets by concentrating on Singapore so as to expand its footprint in the major markets of China and Hong Kong.
London-headquartered HSBC, which makes more than 80 per cent of its profit in Asia, will boost its wealth staff in Singapore by 50 and launch new digital offerings this year, Kevin Martin, Asia Pacific head of retail banking and wealth management, told the international daily news, Reuters.
Presently, HSBC has not disclosed its count of wealth management staff in Singapore. The company's business of offering investment solutions to well-off clientele is smaller in Singapore as compared to its business in Hong Kong and China.
"It's fair to say that our entire business in Singapore underperformed, and we haven't hidden from that fact," Martin told Reuters in a recent interview.
Martin added that as we build Asia wealth ... there is a really significant opportunity in Singapore, not just onshore Singapore, but offshore Singapore, as reported by the International daily news, Reuters.