Makati city: HSBC Philippines continues to be optimistic about the growth of its retail business in the Philippines despite the impact of the crisis in the Middle East. In a briefing held in Makati City on Tuesday, HSBC Philippines head of international wealth and premier banking, Pramoth Rajendran, shared the bank's strategic plans for expansion.

According to Philippines News Agency, Rajendran stated that HSBC Philippines is targeting a significant increase in its customer base, with plans to double its customers over the next three to five years. "We are looking to double our customers over the medium term," Rajendran emphasized. He highlighted the bank's aggressive growth strategies, noting its unique position as the only international retail bank in the country, and its focus on expanding within target segments.

Rajendran identified a substantial market potential, mentioning that there are approximately 1 million affluent or wealthy customers in the Philippines. He described premier customers as those with around PHP3 million in total relationship balance or a monthly salary of 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," Rajendran noted.

To further its retail growth, HSBC Philippines has recently redefined its HSBC Premier offering. The enhanced Premier service emphasizes health support, wealth solutions, travel privileges, and cross-border banking services, catering to the needs of its affluent clientele.