24 November 2020

HSBC establishes wholesale coverage division targeting mid-sized Non-Bank Financial Institutions

**Deepens Bank’s strategy to capitalise on Singapore’s wealth and investment status**
**Appointment of Amanda Jooma as Head of NBFI Coverage, Singapore**
**Further investment in Singapore wholesale banking capabilities**

HSBC Singapore today launched a new coverage division to support the mid-sized Non-Bank Financial Institutions (NBFI) sector. The new division will provide banking capabilities to the expanding ecosystem underpinning Singapore’s growing status as a wealth and investment hub, including funds, the insurance industry and payment providers.

Concurrently, the Bank announced the appointment of Amanda Jooma as Head of NBFI Coverage, Singapore. Ms. Jooma joined HSBC UK in 2017, latterly leading the UK’s NBFI team. She brings over 11 years of experience as a coverage banker across the whole financial institutions sector, covering Banks, Funds, Alternative Finance companies, Broker-Dealers and Asset Managers during her career.

NBFI ecosystem in Singapore

The announcement underscores efforts to cement Singapore’s role as a prime international wealth and investment centre.

With a rapidly growing Ultra High Net Worth and Family Office segment, the Republic is now a top-three offshore wealth booking centre globally, managing USD1.1 trillion personal wealth.1

Simultaneously, Singapore is becoming a Global-Asia Pacific fund gateway for institutional wealth:

  • 895 registered and licensed fund managers in Singapore, up from 787 in 2018.2
  • Singapore’s AUM grew by 15.7% in 2019 to reach S$4.0 trillion or US$2.9 trillion.3
  • 76% of AUM originated from outside of Singapore, and 69% of AUM was invested into the Asia Pacific region. 4
  • Singapore Variable Capital Company (VCC) a further boost to asset management industry – with more than 150 VCCs registered within the initial eight months of the launch.5

Commenting on the appointment, Alan Turner, Head of Commercial Banking HSBC Singapore, said:
“Despite all economic factors, Singapore’s allure as a wealth and investment hub has not waned and as it continues to grow, so will the ecosystem surrounding it. Leveraging Amanda’s proven experience combined with HSBC’s global network and holistic product offering, we are well placed to support the complex and often varying needs of NBFIs.”

HSBC has progressively invested in its wholesale banking capabilities in Singapore to capture growth opportunities arising in Southeast Asia, and in its Wealth and Private Banking division which aim to double overall combined retail and private banking total wealth over five years6.

Contact us

Customer Service and Technical Support

You are leaving the HSBC Commercial Banking website.

Please be aware that the external site policies will differ from our website terms and conditions and privacy policy. The next site will open in a new browser window or tab.