HSBC opens wealth centre at Singapore Land Tower amid premium pivot

[SINGAPORE] HSBC on Friday (Feb 27) announced the opening of its fourth and largest wealth centre in Singapore on the 33rd floor of the Singapore Land Tower.

This comes as the bank is set to close its Raffles Place retail branch on Saturday, a move announced in January as it pivots towards affluent clients in one of Asia’s most important financial hubs.

The new facility has 14 meeting rooms, as well as a family room that the bank said will offer “privacy for complex and multi-generational wealth discussions”.

Ashmita Acharya, HSBC’s head of international wealth and premier banking in Singapore, said the city-state is “a priority market and a wealth hub” for the bank.

The new wealth centre spans 7,884 square feet and is designed to “deliver a personalised and premium banking experience”.

HSBC said Premier and Premier Elite clients will have “exclusive spaces” in the facility.

Premier Elite caters to “affluent clients with a minimum total relationship balance of S$1.2 million”. Such clients will have access to “bespoke creations” from celebrity chef Janice Wong, among other privileges.

The bank said that the new wealth centre is a part of its “ongoing multi-year transformation journey, which includes a fivefold investment towards increasing its physical network in Singapore”.

HSBC’s announcement follows media reports earlier in the week claiming that the bank has kicked off the sales process for its Singapore insurance business.