HSBC Bank (Singapore) has appointed Penny Goh and Josh Bottomley as directors of its board, effective from August 12.
Mukhtar Hussain, chairman of HSBC Bank (Singapore) and HSBC’s Asia Pacific head for Belt and Road Initiative, says, “Singapore is a growth market for HSBC and one where we want to build scale, and both appointments have a very strong and significant connection in support of delivering the strategy.”
In June 2018, HSBC Singapore was announced as one of eight markets globally where HSBC wanted to grow its local franchise to a domestic scale. HSBC Singapore subsequently unveiled plans in September 2018, under the group’s Asia Wealth strategy, to double the overall combined retail and private banking total wealth and add more than 400 retail and private banking customer-facing employees over five years.
Goh is currently the co-chairman and senior partner of Allen & Gledhill LLP heading up its corporate real estate practice. She is a non-executive director and the chair of Keppel REIT Management Limited (the manager of Keppel REIT) and the lead independent director and chair of the nominating and remuneration committees of Mapletree Logistics Trust Management Ltd (the manager of Mapletree Logistics Trusts). With her extensive experience and as an independent director on the HSBC Bank (Singapore) Board, Goh will be a member of the audit and risk committees.
Bottomley is currently the HSBC global head of digital, retail banking and wealth management, a role he has held since May 2013. Prior to joining HSBC, he held various senior appointments including global head, display of Google and managing director of LexisNexis, UK & Ireland.
Hussain continues, “Penny’s intimate knowledge of the Singapore market and John, being at the forefront of driving technological innovation within HSBC globally, will help accelerate HSBC Singapore’s business transformation as well as further inroads into the digital space.”
The rising domestic wealth and international flows to Singapore underpin HSBC Singapore’s wealth strategy.
Domestically, Singapore continues to see positive year-on-year increase of its own high net worth population (11.5%) and wealth (12.8%) in 2017, according to CapGemini.
Moreover, Singapore is increasingly a destination for offshore wealth. It is now a top-three offshore wealth booking centre globally, managing US$1.1 trillion of personal wealth. Sixty-seven percent of Singapore’s private wealth comes from offshore sources. Singapore is the preferred location by Southeast Asian HNWIs, and a top three choice for Chinese and Indian HNWIs. Seventeen percent of Chinese offshore wealth is banked in Singapore.