HSBC considers greater Singapore autonomy to reduce China reliance: report
HSBC is exploring giving its Singapore operations more independence to lessen dependence on China, including Hong Kong, according to a Bloomberg News report. The move could establish a second regional base alongside Hong Kong.
HSBC has been exploring ways to ease its reliance on China, including Hong Kong, and give more independence to its Singapore operations, Bloomberg News reported on Thursday, citing people familiar with the matter.
The report cited a statement from Surendra Rosha, HSBC's co-CEO for Asia and the Middle East, confirming that the bank will combine its separate units in Singapore as part of a simplification drive, but that it has no further plans beyond that.
A possible next move would be to bring in other regional operations under the Singapore subsidiary, with the ultimate goal of establishing a second regional base alongside Hong Kong, according to the report.
The decision underlines the company-wide, top-down drive to expand HSBC's wealth business, particularly in a pivot to Asian markets. Singapore has long been regarded as a premier wealth and banking hub, with its political stability adding to its appeal.