On a global level, the London-headquartered bank last month reported full-year pre-tax earnings of US$19.89 billion for 2018, up 16 per cent.
Meanwhile, HSBC's 140-year-old Singapore-based franchise has articulated eight priorities: capturing infrastructure; capturing sustainable finance opportunity; scaling up SME business; growing Singapore as an Asean hub; investing in digital capabilities; turning around and growing the domestic retail business; scaling up Singapore as offshore wealth hub; and capturing international flows.
"We are already one of the biggest private banks in Asia. Singapore is a huge base for international wealth, with 10 per cent growth year on year. In about 15 years, we see Singapore overtaking Switzerland as the largest private banking centre in the world. We are positioning ourselves for that."