Singapore key to HSBC’s global wealth strategy, says its bank’s wealth head here

[SINGAPORE] As HSBC undergoes a global overhaul of its operations, Singapore remains a key priority of the bank’s strategy to “future-proof” itself, said Ashmita Acharya, head of international wealth and premier banking in HSBC Singapore.

“In the new sphere, there’s a clear realisation that the home market needs to grow faster, but we need to diversify and look at other markets for a stronger future – almost like future-proofing our growth strategy,” she said.

The banking giant announced in October 2024 that it was embarking on an ambitious restructuring of its business worldwide and looking to simplify its organisational structure.

There are four main businesses, including the standalone business segments for its home markets in Hong Kong and the UK, each with its own personal banking and commercial banking divisions.

Operations in its remaining markets will be regrouped to form, thirdly, the corporate and institutional banking business, and the international wealth and premier banking business would comprise its fourth business segment.

This fourth segment includes HSBC’s premier banking-focused businesses outside Hong Kong and the UK, its global private bank, and its asset management and insurance businesses.

HSBC shares in Hong Kong are up a third so far this year.

Importance of Singapore

Singapore, UAE, China and India are the four priority markets for the wealth segment, Acharya said.

“The importance of Singapore has become very pronounced, and I think that shows with the investments we got this year,” she said.

HSBC Singapore opened the second of its three planned wealth centres in July, as part of a multi-year transformation which includes a five-fold investment increase towards boosting its local physical network.

On the people front, it has made several senior hires in Singapore, including for its private banking, asset management and insurance segments.

Acharya said Singapore has a very broad catchment of clients who find it attractive, including family offices, businesses and retail wealth.

The Republic is safe, stable, has strong regulations and a forward-looking agenda, she added.

With heightened uncertainty in global stock markets, the stability of the Singapore dollar has been letting investors grow and protect their assets, she added.

Singapore is also Asia’s preferred offshore-wealth destination, according to HSBC’s Affluent Investor Snapshot released on Jul 9.

“When the pie is expanding, I think everyone will see opportunities in Singapore,” she said.

“Who’s going to capture that opportunity? It’ll be the bank which has that consistency of delivery, is able to address the international needs of the client, and is able to look at that next-gen proposition,” Acharya said.

Calling HSBC’s international connectivity a “superpower, given its presence in multiple markets”, she said it can help customers move between jurisdictions seamlessly.

More than half of HSBC Singapore’s wealth customers are offshore customers. As at 2024, the lender had doubled offshore wealth from its key corridors in India and China, compared with three years ago.

HSBC also owns an insurance arm and asset management arm, which can help create bespoke products that meet the financial needs of its customers, she said.

Meanwhile, not only can the banking giant serve customers’ business needs, it is able to handle personal needs across the entire wealth spectrum, from premier and premier elite to the private-bank segment.

Deepening relationships

Looking ahead, Acharya is aiming to deepen the wealth relationship with clients.

To continue building on its connectivity offering, she said the bank has to provide a consistent proposition across its markets, from service to digital offerings.

She also hopes to have more quality client conversations, outreach and education through its wealth centres in Singapore.

“It’s not about having fancy hardware: everyone’s got wealth centres, in all fairness,” she said. “But the type of conversation we want to have with customers at the wealth centres has to change.”

Furthermore, the bank is looking to work with partners, both internally and externally, to create better experiences for clients.

Acharya noted examples include the partnership with Raffles Medical for its integrated health and wealth centre; with the Singapore Tourism Board to showcase the Dempsey precinct through discounts and experiences for cardholders; and with cross-border payments network Dandelion to boost its global money transfers capability.

“This is not about generating revenue or product pitching; this is about helping clients plan better,” she said.

“We don’t want to be a transactional bank.”