Singapore is rapidly growing as a key market for HSBC in Asia with the city-state's wealth management unit nearly quintupling pre-tax profits.
HSBC’s wealth and personal banking (WPB) business in Singapore recorded a pre-tax profit of $255 million, according to the bank’s financial results, marking a 390 percent year-on-year surge. Overall, pre-tax profits of the WPB business rose 162 percent to nearly $4.1 billion in Asia and 238 percent to $8.6 billion globally.
Other noteworthy markets include Hong Kong (159 percent increase to $3.6 billion) and Taiwan (221 percent increase to $61 million).
In terms of inflows, WPB recorded net new invested assets of $34 billion with the total increasing 8 percent to $1.1 trillion. In Asia, net new invested assets grew 21 percent to $27 billion with more than 35 percent originating from outside of Hong Kong.
