HSBC consolidates operations in Philippines

MANILA, Philippines — While other foreign banks exited the retail banking space in the Philippines, British banking giant HSBC is consolidating its banking operations to deliver a more streamlined journey to support the growth of its retail banking customer base.

Peter Faulhaber, head of wealth and personal banking at HSBC Philippines, said the bank is simplifying its retail banking business to improve customer experience and broaden its service offerings.

Under the plan, HSBC Philippines is combining its retail banking operations with that of HSBC Savings Bank, while its investment and insurance needs would be centralized through HSBC Wealth Inc. as HSBC Investment and Insurance Brokerage Philippines Inc. (HIIB) established last September.

HSBC Philippines would then focus on its commercial banking, as well as global banking and market business.

With the simplification, customers can now avail of the bank’s products and services easily and not worry whether their accounts are with the main or savings bank.

Last September, HSBC Wealth was launched as its expanded insurance brokerage arm that offers a range of unit investment trust funds (UITFs). This provides customers a broader choice of investment products to help customers create a diversified portfolio to achieve their financial goals within HSBC’s global banking network.

As the migration commences within the first half of 2023, the foreign bank assures no service disruption and aims for a seamless transition of customer accounts from the savings bank to HSBC Philippines.

“Our savings bank customers will be kept informed of the migration process through various channels such as electronic direct mails, SMS and letters. They may also get in touch with us through our branch network, our contact center or through their assigned relationship managers,” Faulhaber said.

Any HSBC Philippines branch would service customers of HSBC Savings Bank Greenhills and Rockwell branches, while its Alabang Branch would remain and be rebranded as an HSBC Philippines branch.

The restructuring and addition of the HSBC Savings Bank branches would fit in with HSBC’s plan to enhance its retail banking business in the Philippines, where the group has been expanding and upgrading its branches across the Philippines over the past two years.

HSBC Philippines president and CEO Sandeep Uppal said the foreign bank celebrated its 147th anniversary in the country last month.

“We are as excited today by the opportunities in the Philippines as we were in 1875 and this is clearly seen in our recent investments to upgrade our facilities and services across our Manila, Cebu and Davao branches,” Uppal said.

“These changes will ensure we continue to build a market leading franchise in the Philippines and a bank that’s fit for the future. Most importantly, being an international bank, we are here to continuously connect our retail and corporate customers to opportunities in more than 60 countries across the globe,” he said.

Global banking giants Citi and ING have exited the country’s retail banking landscape.