HSBC Singapore has unveiled a plan to add more than 400 retail and private banking employees over five years. It also aims to double overall combined retail and private banking total wealth within that period.
Head of retail banking and wealth management of HSBC Bank (Singapore), Mr Anurag Mathur, said: "We are now also ramping up our wealth management sales force and our digital capabilities to better cater to the needs of our 'global citizens' in Singapore and around the region."
HSBC said there is rising domestic wealth and international flows to Singapore.
According to the Capgemini World Wealth Report 2018, Singapore enjoyed an 11.5 per cent year-on-year growth in the population of high-net-worth individuals (HNWIs) and a 12.8 per cent growth in wealth.
The bank plans to focus on HNWIs from across Singapore and abroad. HSBC Singapore's retail banking and wealth management (RBWM) business will target individuals with US$1 million (S$1.37 million) to US$5 million in investible assets, while its private banking arm will target individuals with more than US$5 million, in particular the ultra-high-net-worth segment with US$100 million or more in investible assets.
HSBC Singapore's Private Banking plans to tap HSBC's corporate banking relationships across the region. The bank's corporate customer base in Asean includes more than 10,000 clients, of which 4,500 are subsidiaries of multinational corporations, and 20,000 small and medium-sized enterprises.
HSBC's head of private banking for South-east Asia, Mr Philip Kunz, said: "Singapore's economic relevance and centrality to Asean and China mean it's becoming the epicentre for commercial activity. Family businesses are thriving within the region, their personal wealth is rising and a lot of that is shifting to Singapore."
To support the growth ambition, Singapore's Private Banking will double the existing headcount of its business over the next five years. Two-thirds of these roles will be client-facing relationship managers, investment counsellors and product specialists.
HSBC is also focusing on HSBC Jade, which aims to provide customers with more tailored portfolio management services. Since its launch in late 2016, its customer base has grown twofold.
HSBC Singapore's RBWM will further invest in a comprehensive digital-led wealth platform that allows its customers to invest and manage their wealth seamlessly.
The announcement reflects HSBC's plans to grow wealth revenues in Asia by at least US$1 billion by 2020.