[SINGAPORE] HSBC Singapore has launched its newest wealth centre in Singapore at The Star Vista mall in Buona Vista – the second of three planned sites to open amid the bank’s pivot to a strategy based on physical wealth banking services, the bank said on Friday (Apr 25).
The branch, which will provide HSBC clients with bespoke advisory services, follows the opening of the first wealth centre in Singapore’s Central Business District last June. A third centre, located in the east of Singapore, is slated to open by end-2025.
The bank’s efforts to deepen its physical network in Singapore are in line with its targets to lead in wealth-management services in an increasingly affluent local population, HSBC said, noting that its investments into physical branches have increased five-fold.
An increasing number of local banks have taken similar steps to woo customers through elaborate physical branches, featuring curated spaces and lifestyle elements such as restaurants and bookshops.
HSBC said that the centre is designed to provide personalised services to customers in the west of Singapore, offering spaces such as a premier lounge, enclosed teller rooms, private rooms and a cafe run by social enterprise Foreword Coffee.
Ashmita Acharya, HSBC’s head of international wealth and premier banking in Singapore, said: “Our wealth centres are designed to facilitate meaningful wealth conversations with our customers in Singapore.”
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The wealth centre will also include accessibility features such as wheelchair ramps and assistive listening devices for the hearing-impaired, the bank said.
The bank had previously announced its intention to increase its offerings across its whole wealth continuum – from the mass market to affluent, to ultra-high-net-worth individuals.
It had also announced plans to increase client-facing roles in Singapore by more than a third by 2028, to sustain growth momentum.
The bank had recorded double-digit growth in client numbers in Singapore for its mass affluent and high-net-worth segment from 2019 to 2022, with the rate growing further in 2023.
“These investments are part of HSBC’s broader ambition to be the leading wealth manager in Asia,” said Acharya.
“This will support Singapore’s position as a key international wealth hub by improving the accessibility and quality of wealth advisory services for its growing affluent population.”
