HSBC Holdings is reportedly planning to restructure its operations in Singapore by consolidating its major banking services into a single entity, according to sources familiar with the matter. The proposed changes would unify the bank’s wholesale, retail, and private banking units under one organizational structure, the sources said, requesting anonymity due to the sensitive nature of the discussions.
This move forms part of a broader restructuring effort initiated by HSBC’s Chief Executive Georges Elvederly after his appointment in September 2024. Since then, the bank has been simplifying its business through the closure, merger, or divestiture of various units to reduce operational complexity and costs. Most recently, in July, HSBC agreed to sell its Singapore insurance business for US$2.1 billion (S$2.67 billion).
An HSBC spokesperson acknowledged the ongoing review of the bank’s organizational structure for potential simplifications but maintained that all its Asia-Pacific banking entities remain under the ownership, management, and resolution framework of The Hongkong and Shanghai Banking Corporation Ltd. The spokesperson stated there are currently no plans to alter this arrangement.
HSBC’s presence in Singapore includes a locally incorporated retail banking and wealth management arm under HSBC Bank (Singapore), established in May 2016, as well as a separate branch operating through The Hongkong and Shanghai Banking Corporation, the bank’s main Asian entity. The group continues to invest in the city-state, with plans underway to open a global artificial intelligence center and recruit over 100 AI specialists.
The restructuring initiative comes amid concerns regarding HSBC’s heavy concentration in Hong Kong, especially as geopolitical tensions in the region intensify. Hong Kong remains the bank’s largest profit center and the focus of its largest exposure among global banks. HSBC expanded its footprint there after completing a US$44 billion privatization of Hang Seng Bank in 2026. The bank also holds a unique position, being one of only three commercial note-issuing banks in Hong Kong.
Financially, HSBC’s operations in Singapore are significantly smaller than those in Hong Kong. In the first half of 2026, Singapore generated US$774 million in pre-tax profit, while Hong Kong contributed US$7.8 billion. The bank employed more than 30,000 staff in Hong Kong during this period, with wholesale lending totaling US$144 billion. In contrast, its Singapore workforce numbered approximately 3,600, supported by US$21.8 billion in wholesale loans.