Opening its recent Singapore headquarters on the highest floors of the 50-story Marina Bay Financial Center Tower 2, CEO Noel Quinn said town was a “critical” marketplace for Europe’s largest bank.
“We have every ambition to significantly expand our business here in Singapore,” he said on Monday. “We know there is very stiff competition.”
The London-headquartered lender also revealed that it had moved its Southeast Asian markets team focused on rates and currencies and its book to Singapore, without specifying where.
Quinn is urging the bank to maneuver to Asia, where it generates most of its revenue, competing with each multinationals resembling Citigroup Inc. and Standard Chartered Plc, in addition to regional lenders led by DBS Group Holdings Ltd.
HSBC guarantees to assist restart Hong Kong’s economy after Covid-related collapse
HSBC guarantees to assist restart Hong Kong’s economy after Covid-related collapse
The bank’s recent office is over 140,000 square feet. It employs roughly 4,000 employees, up 16% from 2019 after purchasing local insurance firms for $529 million.
According to the statement, the bank goals to double its wealth business in Singapore by 2025 and has set a goal of double-digit growth for its local business banking business.
The company has committed $6 billion in investments over five years starting in 2021, half of which is able to go to South and Southeast Asia. According to the bank’s 2021 annual report, its fundamental businesses in Asia are positioned in Hong Kong (28,000 employees) and mainland China (35,000 employees).
