HSBC Singapore sets its sights on SME segment

It aims to expand its share of the market to 15 per cent from the current 10 per cent by 2021. BY VIVIEN SHIAO

Published Sun, May 26, 2019 · 09:50 PM

HSBC Singapore is no longer taking the back seat when it comes to the small and medium-sized enterprise (SME) banking segment here, with plans to raise its share in its target SME market from the current 10 per cent to 15 per cent by 2021.

As part of its global strategy, the Hong Kong-listed bank is scaling up its SME business in Singapore to become a key area of focus, in a move to capitalise on growth opportunities in the Asean region.

HSBC - which has been present in Singapore since 1877 - classifies SME clients as those with a turnover of US$5-US$100 million. To drive growth in SME lending, the bank increased its headcount in business banking by 30 last year. The SME banking segment comes under its business banking unit.