was heavily involved in the early development of Japan's current monetary system, and consulted with the government regarding fiscal policy, currency printing and related matters. HSBC does not conduct ordinary retail banking in Japan, but conducts investment banking in Tokyo and Osaka. Since 2007 it has expanded its HSBC Premier private banking services for the "Mass affluent" market or high-net-worth individual clients. HSBC Premier has seven Premier branches in Japan including centers in the Hiroo, Akasaka, Marunouchi(flagship), Ginza, Yokohama, Ikebukuro, areas of Tokyo and one in Kobe. In December 2011, HSBC announced to selling its private bank in Japan to Swiss peer Credit Suisse for an undisclosed sum, but at the end of October 2011 the value of the gross assets included in the sale was about $2.7 billion. It was a strategy to cut $3.5 billion annual costs by quitting businesses or countries where it lacks scale which Credit Suisse has a larger business in Japan than HSBC and in line with a global business restructuring it announced that will see it cut 30,000 jobs as it pares back small or inefficient operations. New Zealand HSBC's operations in New Zealand are as a branch of The Hongkong and Shanghai Banking Corporation, which first gained a licence from the Reserve Bank of New Zealand on 22 July 1987. Today HSBC offers a range of financial products from a network of 9 offices. Philippines HSBC's history in the Philippines dates back more than 110 years with the establishment of their first branch no. 90 Rosario Street (Now Quintin Paredes Street) in Binondo, Manila in 1875. In its early years of operation, HSBC serviced the booming Philippine sugar industry. At the turn of the century, it financed railways that connected provincial towns across Luzon to Manila. During the American regime, HSBC was called to advise on Philippine currency reform. Its current headquarters are in Fort Bonifacio. Today, HSBC Philippines operates in key Philippine cities such as Cebu and Davao. It has ended Citibank and Standard Chartered's duopoly on international banking in the Philippines. Singapore In Singapore, The Hongkong and Shanghai Banking Corporation Limited operates as a full service bank with its headquarters in Collyer Quay. It opened its doors in December 1877. In 2016, HSBC has created a locally incorporated bank in Singapore and has moved its retail and wealth business from HSBC Singapore Branch to the locally incorporated bank. Today, HSBC's