HSBC Philippines head of international wealth and premier banking Pramoth Rajendran (Photo courtesy of HSBC Philippines)
HSBC Philippines remains confident about the long-term expansion of its retail banking business, even as geopolitical tensions in the Middle East continue to create uncertainties in global markets.
During a briefing in Makati City on Tuesday, HSBC Philippines head of international wealth and premier banking Pramoth Rajendran said the bank is setting an ambitious target to double its customer base within the next three to five years as it strengthens its position in the country’s affluent banking segment.
“We are looking to double our customers over the medium term,” Rajendran said.
He added that the bank is pushing forward with aggressive growth plans, leveraging its position as the only international retail bank operating in the Philippines to capture a larger share of the market.
“We have very ambitious growth plans and being the only international retail bank in the Philippines, we are looking to grow aggressively within our target segments,” he said.
Rajendran noted that the Philippines has a sizeable base of affluent individuals, estimated at around one million potential clients. HSBC defines its Premier clients as those maintaining a total relationship balance of at least PHP3 million or earning a monthly salary of about PHP300,000.
With this growing pool of high-income earners, Rajendran said the bank sees strong opportunities to expand its footprint in the country’s wealth management and premium banking space.
“There is enough potential in that segment. Our ability to grow within that target market in the medium to long term looks intact,” he said.
To support its expansion strategy, HSBC Philippines has recently revamped its HSBC Premier offering to better serve affluent customers. The enhanced program now places greater emphasis on health support, wealth management solutions, travel privileges, and seamless cross-border banking services, reinforcing the bank’s push to deepen relationships with globally mobile clients and high-net-worth individuals in the Philippines.