In an effort to expand its commercial banking coverage in Singapore, HSBC Singapore is creating a new division focused on mid-sized businesses in the Republic, it announced on Monday.
The division will support Singapore corporations' domestic and cross-border banking needs, generating between $50 million and $500 million. According to HSBC, these clients typically require complex working capital banking solutions as they accelerate expansion plans, as well as the ability to raise funding from both debt and equity markets.
Ng Li Lian, who has been appointed to the newly created position of head of corporate, Singapore, will lead the division.
Ng was most recently appointed to the role of head of business banking, where she was responsible for HSBC's SMEs (small and medium-sized enterprises) franchise in Singapore. Previously, she worked for OCBC's enterprise banking segment and OCBC Vietnam.
Ng will report to Regina Lee, Head of Commercial Banking, HSBC Singapore.
Commenting on the appointment, Lee said: “This new division, under Li Lian’s leadership and established market knowledge, will accelerate our ability to support Singapore’s corporates and will further progress our ambition to be the international bank of choice for businesses in Singapore.”