Monday, January 29, 2007 Universal bank opens second Cebu branch
TO SIGNIFY its confidence in the local banking industry, a universal bank opened another branch in Cebu to serve its growing number of account holders and credit card customers.
The Hong Kong and Shanghai Banking Corp. (HSBC) Philippines soft opened its second branch, located in Banilad, Cebu City, last Friday.
“The establishment of a second branch in Cebu is part of our continuous efforts to bring Cebu the benefits of our combined global expertise and local experience,” said HSBC Philippines president and chief executive officer Mark Watkinson in a statement. “This strategic move will allow a greater number of Cebuanos access to world class banking and service their increasingly sophisticated financial needs.”
Apart from a 24-hour banking facility, the new branch will feature HSBC’s Premier Centre, providing personalized total wealth management service by the bank’s “relationship managers,” Watkinson told a press conference last Thursday at the Aqua seafood restaurant in Shangri-la’s Mactan Island Resort and Spa.
He said wealth management customers are depositors who have at least $60,000 in the bank.
Priority
Martin Cook, HSBC Philippines senior vice president and head of the personal financial services, said that while credit cards continue to be HSBC’s core business catering to the mass market, the banking industry’s competitive arena has pushed the company to prioritize wealth management as its niche market.
“We are targeting that group of investors who are in need of a one-on-one service, (those who need assistance with) how to grow their money through our extensive range of investment instruments,” Cook said.
He said 90 percent of HSBC shareholders have ventured into wealth management.
“In the Philippines, we have been serving a growing number of discerning clients who are redefining their financial lifestyle through premier banking,” Watkinson said.
He added that HSBC has an estimated 825,000 credit card customers nationwide.
HSBC, one of the world’s largest banking and financial services organizations, has established its presence in the country for over 130 years, and now has 23 branches nationwide including 16 branches of HSBC Savings Bank Philippines Inc.
It has over 95,000 offices in 76 countries worldwide.
Prior to opening its second branch in Cebu, HSBC opened a branch in Davao last month, marking the bank’s first venture in Mindanao. (MMM)
