HSBC reduces retail outlets in Singapore, shifts focus to wealth management

Glonghui, January 27｜According to Bloomberg, HSBC Holdings will close a major retail branch located in Singapore's financial district and open a wealth center in the same building, doubling down on efforts to serve affluent clients in one of Asia's key financial hubs. According to a notice to customers, the Raffles Place branch will close on February 28, which is one of the bank's six branches in Singapore. An HSBC spokesperson stated that Singapore remains one of its key markets, and its distribution layout in the country will remain unchanged. The opening of the new Raffles Place center aligns with the bank's strategy of transforming branches into wealth centers.