HSBC to combine Singapore units amid review of regional structure
The bank confirmed the consolidation but said it had no further plans, while people familiar with discussions described options for greater Singapore autonomy.
HSBC plans to put its main Singapore banking businesses into a single entity over the next few years, as people familiar with internal discussions said it was considering greater independence for the operation to reduce its dependence on China, including Hong Kong.
Surendra Rosha, HSBC’s co-CEO of Asia and the Middle East, confirmed the Singapore consolidation as part of efforts to simplify the bank. However, he said there were no plans beyond that step and that its Asia-Pacific banking entities would continue to be owned and managed by its Hong Kong-headquartered subsidiary.
The people, who requested anonymity because the discussions were private, said the review was known internally as Project Sirena. One option would place other regional operations beneath the Singapore subsidiary, potentially creating another regional base alongside Hong Kong. They stressed that discussions remained fluid and no firm decisions had been made on how to proceed.
HSBC currently uses both a locally incorporated subsidiary and a Hong Kong branch in Singapore. Its Singapore retail banking and wealth management operations were incorporated locally under HSBC Bank (Singapore) in May 2016.
Hong Kong contributed US$7.8 billion in pretax profit during the first half of 2026, accounting for about 40 per cent of HSBC’s group total, according to its accounts. Singapore contributed US$774 million. Chief executive officer Georges Elhedery has repeatedly expressed confidence in Hong Kong’s prospects while pursuing a wider overhaul focused on the bank’s core Asian markets.
