HSBC Officially Opens New Singapore Headquarters
SINGAPORE – Two years after first relocating from 21 Collyer Quay, HSBC Singapore has officially opened its new headquarters at the second tower of the Marina Bay Financial Centre (MBFC), reported The Edge on Tuesday morning (15 November, SGT).
HSBC Singapore’s Chief Executive Wong Kee Joo revealed the multinational bank was forced to delay the event for two years because of the Covid-19 pandemic.
Located on the top levels of the 50-storey MBFC Tower 2 building, the new Singapore headquarters measures about 140,000 sq ft. This is in addition to HSBC’s existing workspace at Mapletree Business City.
Moreover, the bank is investing US$6 billion (S$8.23 million) in 5 years from 2021, with half of the investment intended for South and Southeast Asia. In 2022, HSBC concluded the purchase of AXA Singapore and LTIM asset management in India, as well as full ownership of China Life Insurance, while raising its stake in HSBC Qianhai Securities to 90 percent.
With the acquisition of AXA Singapore, HSBC Singapore’s manpower has increased by 16 percent to 4,000 compared to 2019.
“Singapore is one of the pillars of HSBC’s growth strategy in Asia, and the move to Marina Bay Financial Centre reflects our ambitions for our business. My colleagues in HSBC Singapore are key to delivering these ambitions, so we will leverage Singapore’s strengths as a regional hub for wealth, treasury management, innovation and sustainability to build their future skills and to serve our customers’ present and future needs,” said Noel Quinn, Group Chief Executive at HSBC.
In addition, HSBC Singapore plans to double its wealth business come 2025. The multinational bank also targets double-digit growth in its local commercial banking business.
“Our new headquarters at Marina Bay Financial Centre underscores HSBC’s commitment to Singapore. Since we established our presence here in 1877, our purpose has always been to help our customers capture domestic and cross border opportunities. With the rise of the digital economy and transition to net zero, HSBC is uniquely placed to connect customers to these opportunities across Southeast Asia and to the rest of the world,” added Wong.