HSBC plans to open three wealth centres in Singapore by the first quarter of 2025, increasing its investment fivefold in its physical network as it pivots its branches into wealth centres.

The three centres will be in the Central Business District as well as the east and west regions of Singapore.

Over the last five years, the bank has doubled its technology investments in the city-state as part of its efforts to upgrade capabilities and enhance customer experience.

According to HSBC, the investments underline its growth ambitions to be the leading wealth manager in Asia and its commitment to Singapore and its position as an international wealth hub.

The bank’s wealth and personal banking business includes retail banking, global private banking, HSBC Life and global asset management.