HSBC Plans to Merge Singapore Wholesale, Retail and Private Banking Units
HSBC Holdings plans to streamline its Singapore operations by consolidating wholesale, retail and private banking services under a single entity. The group said it continuously reviews its structure for simplification, while all Asia-Pacific banking entities remain wholly owned and managed by The Hongkong and Shanghai Banking Corporation. The move follows a major restructuring under CEO Georges Elhedery since September 2024, including the sale of its Singapore insurance business for $2.1 billion in July 2026.
HSBC Holdings plans to adjust its Singapore operations, consolidating major banking services under a single entity to streamline its operating structure. The adjustment covers wholesale banking, retail banking and private banking, aiming to unify the management framework. A HSBC spokesperson said the group continuously reviews its organisational structure and seeks simplification, stressing that all banking entities in the Asia-Pacific region remain wholly owned, managed and disposed of by The Hongkong and Shanghai Banking Corporation, with no current plans to change this arrangement.
Since Georges Elhedery became group chief executive in September 2024, HSBC has pursued a major restructuring, simplifying its banking business and reducing costs by closing, merging and selling several companies. In July 2026, the bank agreed to sell its Singapore insurance business for $2.1 billion.