HSBC Bank (Singapore) announces new Directors to its Board
Mukhtar Hussain, Chairman of HSBC Bank (Singapore), and HSBC’s Asia Pacific Head for Belt and Road Initiative, said: “Singapore is a growth market for HSBC and one where we want to build scale, and both appointments have a very strong and significant connection in support of delivering the strategy.”
In June 2018, HSBC Singapore was announced as one of eight markets globally where HSBC wanted to grow its local franchise to a domestic scale1. HSBC Singapore subsequently unveiled plans in September 20182, under the Group’s Asia Wealth strategy, to double the overall combined retail and private banking total wealth and add more than 400 retail and private banking customer-facing employees over five years.
Ms Goh is currently the Co-Chairman and Senior Partner of Allen & Gledhill LLP heading up its Corporate Real Estate Practice. She is a Non-executive Director and the Chair of Keppel REIT Management Limited (the manager of Keppel REIT) and the Lead Independent Director and Chair of the Nominating and Remuneration Committees of Mapletree Logistics Trust Management Ltd (the manager of Mapletree Logistics Trusts). With her extensive experience and as an Independent Director on the HSBC Bank (Singapore) Board, Ms Goh will be a member of the Audit and Risk Committees.
Mr Bottomley is currently the HSBC Global Head of Digital, Retail Banking and Wealth Management, a role he has held since May 2013. Prior to joining HSBC, he held various senior appointments including Global Head, Display of Google and Managing Director of LexisNexis, UK & Ireland.
Mr Hussain continued: “Penny’s intimate knowledge of the Singapore market and Josh, being at the forefront of driving technological innovation within HSBC globally, will help accelerate HSBC Singapore’s business transformation as well as further inroads into the digital space. Together, both will bring a very strong blend of experience, expertise and ambition in the oversight of HSBC’s Retail Banking and Wealth Management business in Singapore. Moreover, the appointment of such high-calibre individuals reflects the importance and rising prominence of the Singapore franchise for HSBC globally.”
The rising domestic wealth and international flows to Singapore underpins HSBC Singapore’s wealth strategy.
Domestically, Singapore continues to see positive year-on-year increase of its own High-Net-Worth population (11.5%) and wealth (12.8%) in 2017, according to CapGemini.3
Moreover, Singapore is increasingly a destination for offshore wealth:
- It is now a top-three offshore wealth booking centre globally4, managing USD1.1 trillion of personal wealth.5
- 67% of Singapore’s private wealth comes from offshore sources.6
- Singapore is the preferred location by Southeast Asian HNWIs, and top three choice for Chinese and Indian HNWIs.7
- 17% of Chinese offshore wealth is banked in Singapore.
1 11 June 2018 HSBC Strategy Update – Slide 9 of presentation deck https://www.hsbc.com/investors/investor-events-and-presentations?page=1&take=20
2 HSBC Singapore Press Release: “HSBC Singapore sets ambitious plan to capture Asian Wealth” https://www.about.hsbc.com.sg/news-and-media/hsbc-singapore-sets-ambitious-plan-to-capture-asian-wealth
3 CapGemini World Wealth Report 2018 – HNWIs are defined as those having investible assets of USD1m or more
4 BCG Seizing the Analytics Advantage: Global Wealth 2018
5 Range combining estimates by BCG, Bain and Cap Gemini
6 CapGemini 2017 wealth report
7 CapGemini 2017 wealth report