BRANCH WATCH 1: HSBC SINGAPORE
HSBC Singapore’s new head office embraces hybrid ways of working It incorporates design elements that minimise energy consumption.
Singapore is a critical market for HSBC (Photo: Noel Quinn by Owen Raggett)
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SBC Singapore unveiled its new head office at Marina Bay Financial Centre Tower 2 in Singapore in November 2022. This signals HSBC’s priorities in the Asian market over the next decade: wealth and treasury management, and sustainability. The 140,000 square foot space, located on the top floors of the 50-foot tower, will house the bank’s 4,000-strong local workforce and enable them to adopt hybrid ways of working. It incorporates design elements that minimise energy consumption and carbon emissions, according to HSBC. Noel Quinn, Chief Executive of HSBC, said that HSBC’s investment in the new space marks its commitment to leverage the Lion City’s strengths as a regional hub for wealth, treasury management, innovation and sustainability to build their
16 ASIAN BANKING & FINANCE | Q1 2023
HSBC SG ribbon cutting ceremony
workforce’s future skills and to serve their customers’ needs. “Singapore is absolutely a critical market for HSBC,” Quinn said during the unveiling ceremony. “We’ve committed to investing US$6b over the next few years in Asia. Fifty percent (50%) of that will be in this region – in the ASEAN region, in India. So US$3b of the investment is going to be going into the market here in South and Southeast Asia. Singapore is a critical market for us, and it’s critical for us in two principal areas – International Corporates and International Wealth.” The move also underlines the bank’s commitment to serve the wider Southeast Asian region, which is at the epicentre of four major global trends, according to HSBC: supply chain shift, climate change, digital acceleration and rising wealth.
Singapore is a critical market in two principal areas – International Corporates and International Wealth
Wong Kee Joo
The bank first made the move from its old 21 Collyer Quay office to the Marina Bay Financial Centre in 2020. However, celebrations for opening the new office were withheld due to the rise of the COVID-19 pandemic, as noted by Wong Kee Joo, CEO of HSBC Singapore, in his speech during the ceremony. We have every ambition to grow our business substantially here in Singapore. We know there is very strong competition, strong competition is good, and we want to continue to develop,” Quinn said during the event. Quinn also thanked his colleagues in the Lion City. “They’ve done an exceptional job here in Singapore and globally over the past two to three years during COVID. They’ve gone above and beyond in helping each other when they were in time of need.”
