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HSBC to increase wealth management staff in Singapore, Asia

HSBC Holdings PLC plans to hire more staff in its Asia retail wealth management business as it aims to expand its presence in the region, Reuters reported May 29.

HSBC plans to boost its wealth staff in Singapore by 50, with an aim to increase its overall Asia wealth management staff by about 300 by the end of 2019. The U.K.-based lender will also launch new digital offerings this year, said Kevin Martin, the bank's head of retail banking and wealth management for Asia-Pacific.

The bank expects Singapore to be a significant growth driver even as its wealth business in the city-state has underperformed, Martin told Reuters in an interview. In addition to serving Singaporean clients, the bank is looking to offer wealth services to rich individuals in China, India and other Southeast Asian nations from its base in the city-state.

As part of the growth plans, HSBC would increase its insurance distribution and product offerings in Hong Kong, China and Singapore in 2019, Martin added.