27th Aug 2026 07:00
(Alliance News) - HSBC Holdings PLC is considering a restructuring of its Singapore units to simplify operations, Bloomberg reported on Thursday.
The London-based bank is planning to overhaul its Singapore operations by combining its major banking services under one entity to streamline the structure, Bloomberg said, citing people familiar with the matter.
In practice, this would bring together HSBC's local wholesale, retail and private banking operations.
Meanwhile, HSBC has the largest exposure to Hong Kong among global banks, having expanded its footprint in the city following the completion of the USD14 billion privatisation of Hang Seng Bank Ltd.
Last month, Munich, Germany-based insurer and asset manager Allianz SE had announced a new distribution agreement with HSBC, along with a deal to acquire HSBC Life Singapore.
Allianz has said the two agreements will have a combined consideration totalling EUR2.0 billion, and that it expects to generate a double-digit return on investment in the mid-term.
Back in July, Allianz said that under the terms of the 15-year distribution agreement with HSBC, Allianz will provide protection, health, retirement and wealth solutions to HSBC customers in Singapore.
The acquisition of HSBC Life Singapore, a diversified life and health insurance businesses, is subject to regulatory approvals but expected to close in the first half of 2027.
HSBC shares were 0.1% lower at HKD161.60 in Hong Kong on Thursday afternoon. In London, they had closed 0.5% higher at 1,524.40 pence each on Wednesday.
By Tom Budszus, Alliance News slot editor
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