Banking News

HSBC Launches New Coverage Division for Mid-Sized NBFI Sector

HSBC Launches New Coverage Division for Mid-Sized NBFI Sector

(23 November 2020 – Singapore) HSBC Singapore has 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.

Amanda Jooma, a coverage banker with over 11 years of experience in banks, funds, alternative finance companies, broker-dealers and asset managers, has been appointed to head this division. She joined HSBC in 2017 and led its NBFI team in the UK.

“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,” said HSBC Singapore head of commercial banking Alan Turner.

HSBC noted that Singapore is now a top-three offshore wealth booking centre globally, managing $1.1 trillion personal wealth, and is becoming a global fund gateway for institutional wealth in Asia Pacific. The bank aims to double the overall combined retail and private banking total wealth over the next five years.

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