The Market Monitor Minding the Nation's Business
HSBC Philippines remains optimistic about expanding its retail banking operations in the country despite uncertainties arising from the ongoing crisis in the Middle East.
Speaking at a briefing in Makati City last week, Pramoth Rajendran, head of international wealth and premier banking at HSBC Philippines, said the bank aims to double its customer base within the next three to five years.
“We are looking to double our customers over the medium term,” Rajendran said.
“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.”
Rajendran noted that the Philippines has around one million affluent or wealthy clients, representing a significant growth opportunity for the bank.
He explained that HSBC Premier customers typically maintain a total relationship balance of around PHP3 million or earn a monthly salary of about PHP300,000.
“There is enough of a potential in there. So our ability to grow within that target segment in the medium to long term looks intact,” he added.
As part of its strategy, HSBC Philippines recently enhanced its HSBC Premier offering to further strengthen its retail expansion.
The upgraded Premier program provides clients with broader benefits, including health support, wealth management solutions, travel privileges, and cross-border banking services.