Aug 16, 2021

HSBC grows Singapore wealth focus with Axa deal

HSBC plans to develop a wealth hub in the country and expand in south-east Asia while it faces tensions in its main markets of Hong Kong and mainland China. HSBC has scaled up its insurance offering as it has deployed billions of dollars into growing its wealth management services across Asia. HSBC merged its retail and wealth units last year as part of a global restructure to shift its focus to rising incomes in Asia and away from its struggling businesses in the US and parts of Europe. HSBC said in February it would invest $3.5bn to grow its Asia wealth operations over the next five years, including hiring 5,000 wealth managers. The Axa deal will allow it to grow its base of wealthy clients in Singapore and south-east Asia, said Nuno Matos, HSBC's chief executive of wealth and personal banking.

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