HSBC Deepens Pivot to Wealth in Singapore as Retail Pared

HSBC Holdings Plc will close a key retail branch in Singapore’s financial district and open a wealth center at the same building, as the lender doubles down on serving affluent clients in one of Asia’s key financial hubs.

The branch at Raffles Place — one of six in the city-state — will shut on Feb. 28, according to a notice sent to customers. HSBC expects to open an upgraded wealth center in Singapore Land Tower in February, a spokesperson said in response to a Bloomberg News query.