HSBC Plans to Merge Singapore Banking Entities

HSBC Holdings PLC plans to merge its two Singapore banking entities to simplify operations, amid speculation that the restructuring could help reduce its reliance on China.

Responding to Caixin’s questions, Surendra Rosha, HSBC’s co-chief executive for Asia and the Middle East, said the bank planned to combine its Singapore branch and locally incorporated subsidiary. There were no current plans to change the ownership or management structure of its Asia-Pacific banking entities, which remain under the Hong Kong-headquartered Hongkong and Shanghai Banking Corp. Ltd., he said.