HSBC To Separate General Banking, Investment Service Areas

Published: 12-Jun-2009

New segregated services, in support of HKMA recommended measures, will enhance investor protection.

HSBC is implementing new measures at its branches to segregate its general banking service areas from investment service areas, in line with new investor protection recommendations from the Hong Kong Monetary Authority (HKMA). In a phased roll-out, three HSBC branches of various sizes will introduce the new segregated arrangements. The pilot branches are Hopewell Centre Branch on Queen's Road East in Wan Chai, Central Branch on Pedder Street in Central, and Lyndhurst Terrace Branch, also in Central.

At the HSBC branches, the proportion of general banking and investment service areas will depend on the floor space and configuration of each branch. In general, 50 to 80% of the meeting rooms or sales booths inside HSBC branches will be allocated for investment and wealth management services.

Peter Wong, Executive Director, HSBC, said: “HSBC strongly supports the HKMA’s various recommended measures to enhance investor protection in the territory. In addition to implementing the recommended physical segregation of general banking areas and investment service areas in branches, we have also introduced a number of other HKMA recommended initiatives, including the audio recording of sales processes in our branches. I am pleased to report, we are ahead of the HKMA timetable for both initiatives.”

HKMA has recommended the segregation of general and investment banking services to be introduced by 1st October this year, and the recording of sales activities with customers by 1st July this year. Full implementation of the new measures at HSBC's branches across the territory is expected to be completed by the end of September this year.

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