Report: HSBC (00005) Said to Explore Strengthening Singapore Business; Internal Discussions Have Not Clarified Direction

HSBC HOLDINGS (00005) is reportedly exploring how to strengthen its Singapore business. HSBC has internally discussed various options aimed at giving its Singapore branch greater autonomy. The plan is internally referred to as "Project Sirena." The discussions are still ongoing, and no clear decision has been made on the future direction. The report, citing sources, said HSBC plans first to consolidate its main banking operations in Singapore under a single entity over the next few years. A possible next step would be to bring other regional businesses under the Singapore subsidiary as well, with the ultimate goal of establishing a second regional base outside Hong Kong. The report said HSBC's move reflects how some of the world's largest financial groups are taking steps to shield their ACR HOLDINGS from intensifying geopolitical risks. Singapore has become one of the main beneficiaries due to its relatively stable political environment and its status as a leading wealth and banking center, as companies seek operational resilience outside Greater China.