Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC Singapore Branch”) is subsidiarising its Retail Banking and Wealth Management business in Singapore (the “RBWM Business”) whereby retail accounts of the RBWM Business of the HSBC Singapore Branch (the “HSBC Singapore Branch Retail Accounts”) will be automatically transferred to a locally incorporated subsidiary, HSBC Bank (Singapore) Limited (the “Subsidiary”).
How it impacts you
If you have made any recurring or future- dated funds transfer to a HSBC Account via OCBC Online Banking, you will need to take the following actions.
What you need to do
Please check with your recipient or HSBC Singapore Branch on the account type of the HSBC Account. If the recipient account is a HSBC Personal account, please follow the instructions below with effect from 9 May 2016 (0900hr). If you do not take the following actions after 9 May 2016 (0900hr), funds transfer to HSBC personal banking account will be rejected.
Future-dated / recurring funds transfer
Below are the actions required to be taken from 9 May 2016 (0900hr).