（Singapore, 27.08.2026）HSBC Holdings is considering a restructuring of its Singapore operations that could bring its main banking businesses under a single entity, as the global lender continues a wider push to simplify its organisation and cut costs.
The proposed changes would combine HSBC’s wholesale, retail and private banking operations in Singapore, according to people familiar with the matter cited by Bloomberg. The move would streamline a structure that currently separates some of the bank’s locally incorporated activities from those conducted through its main Asian banking entity.
HSBC has been reviewing its global operations since Georges Elhedery became chief executive in September 2024. Under his leadership, the bank has closed, merged or sold businesses while concentrating resources in markets and divisions where it sees stronger growth opportunities.
“We continue to review our organisational structure for opportunities for simplification,” an HSBC spokesperson said.
The bank added that all of its Asia-Pacific banking entities would remain under the ownership, management and resolution structure of The Hongkong and Shanghai Banking Corporation, with no plans to change that arrangement.
HSBC established HSBC Bank (Singapore) as a locally incorporated subsidiary in 2016 to house its retail banking and wealth management operations. It also operates in Singapore through a separate branch of The Hongkong and Shanghai Banking Corporation.
Bringing the major banking businesses together could reduce organisational complexity as HSBC reshapes its operations across the region.
The potential restructuring follows another major change to HSBC’s Singapore portfolio. In July, the bank agreed to sell HSBC Life Singapore to German insurer Allianz as part of a deal valued at about €2 billion, including a 15-year distribution partnership.
Under the agreement, Allianz will provide insurance products covering areas including protection, health, retirement and wealth to HSBC customers in Singapore. The acquisition remains subject to regulatory approval and is expected to be completed in the first half of 2027.
Despite simplifying its corporate structure and selling the insurance business, HSBC continues to invest in Singapore. The bank plans to establish a global artificial intelligence centre in the city-state and hire more than 100 AI specialists, highlighting Singapore’s importance to its technology and regional strategy.
Singapore grows as HSBC remains heavily tied to Hong Kong
Any restructuring would come as HSBC navigates its heavy exposure to Hong Kong at a time of heightened geopolitical uncertainty.
Hong Kong remains HSBC’s largest profit centre and its most important Asian market. The bank expanded its presence there further this year after completing the US$14 billion privatisation of Hang Seng Bank, giving it full control of the lender.
The scale of the difference between HSBC’s two Asian financial hubs remains substantial.
Singapore generated US$774 million in pre-tax profit during the first half of 2026, compared with US$7.8 billion from Hong Kong. HSBC employs about 3,600 people in Singapore and had US$21.8 billion in wholesale loans there, while its Hong Kong workforce exceeds 30,000 and wholesale lending reached US$144 billion in the first half, according to Bloomberg.
Still, Singapore has become increasingly important to global banks as a wealth management, technology and regional business centre. A more integrated local structure could help HSBC operate more efficiently while continuing to build its presence in the city-state.
Such a move would not be unprecedented among international banks. Standard Chartered consolidated its Singapore operations into a locally incorporated subsidiary in 2019, helping establish Singapore and Hong Kong as its two major Asian hubs while simplifying its network and reducing costs.
HSBC’s possible Singapore overhaul also fits into Elhedery’s broader restructuring of the group.
Since taking charge, he has sought to create a leaner organisation with a stronger focus on Asia and the Middle East. HSBC has scaled back parts of its investment banking operations in Europe and the US while directing more resources toward markets where it believes it has a stronger competitive position.
Hong Kong remains central to that strategy. HSBC has been rebuilding its investment banking franchise in the city after earlier restructuring led to a series of senior departures. The bank has hired more than a dozen investment bankers for its China business over the past year and is now working on around 40 Hong Kong initial public offerings, compared with only five during all of 2025, according to people familiar with the matter cited by Bloomberg.
HSBC has around 70 IPO mandates across Asia, including those in Hong Kong, as it seeks to capture more business from the region’s recovery in capital-market activity.
The lender is also expanding elsewhere in Asia. In India, HSBC has purchased at least US$3 billion of government bonds since July after attracting a large pool of foreign-currency deposits under a special programme introduced by the Reserve Bank of India, Bloomberg reported.
The different moves underline HSBC’s attempt to balance cost reduction with selective investment across its most important Asian markets.
In Singapore, discussions over the proposed restructuring are still under way and details could change. HSBC has not announced a timetable for any consolidation, while its statement indicates that the broader ownership structure of its Asia-Pacific banking businesses will remain unchanged.
