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March 01, 2024

HSBC unveils expanded wealth investment offerings

The bank, led by Bankero Sandeep Uppal, expanded its asset management arm.

HSBC declared its new wealth investment offerings through the new HSBC Investment and Insurance Brokerage, Philippines Inc. (HIIB), which aims to capitalize on the growing wealth in the country, characterized by growing bank deposits and security investments.

HSBC Philippines President, Bankero Sandeep Uppal referred to the new venture as a milestone, signifying the bank’s confidence in the country, thereby backing HSBC’s motivation to be the leading global wealth manager in the region. HSBC Wealth offers various investment products which include Unit Investment Trust Funds, among others.

HSBC has announced the expansion of its investment management arm, solidifying its footprint as the leading walt manager in Asia.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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