HSBC deepens commitment in Singapore with the opening of its new headquarters
HSBC Singapore today announced the official opening of its new head office strategically located at Marina Bay Financial Centre Tower 2 (MBFC). HSBC’s Group Chief Executive, Noel Quinn, was joined by Singapore’s Deputy Prime Minister, Heng Swee Keat, to officiate the opening ceremony and celebrate this important milestone alongside HSBC Singapore CEO, Wong Kee Joo.
The investment in MBFC is part of HSBC’s long term commitment to Singapore, and will enable it to leverage and contribute to the City-State’s well established position as a business and wealth hub for the region. Recognising Singapore’s position as a centre of excellence for wealth management, innovation and sustainability, HSBC is also investing further to ensure its employees are able to develop the skills they need for the future. This is in line with the aspirations set out in Singapore’s recently announced Financial Services Industry Transformation Map, which aims to further transform the financial industry.
Noel Quinn, Chief Executive, HSBC, said: “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.”
HSBC Singapore’s new head office includes over 140,000 sq ft of space over the top floors of the 50-storey MBFC Tower 2 building, complementing its offices at Mapletree Business City. It also incorporates design elements to minimise energy consumption and carbon emissions. The new premises are modern, digitally-enabled and support new hybrid ways of working for HSBC’s 4,000-strong local workforce.
Wong Kee Joo, Chief Executive, HSBC Singapore, said: “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.”
HSBC Singapore is primed to serve Southeast Asia, which is at the epi-centre of four major global trends – supply chain shift, climate change, digital acceleration and rising wealth.
In addition, HSBC Singapore remains committed to support both corporate clients as well as individuals’ green transition through financing and the introduction of more ESG-themed banking and investment solutions. Most importantly, HSBC Singapore continues to create an environment where its employees can develop skills of the future and grow their career with the Bank.
HSBC Singapore aims to double its wealth business by 2025. Equally, the Bank is targeting double-digit growth in its commercial banking business in Singapore.
Pivot to Asia
HSBC continues to invest in Asia and has earmarked USD 6 billion investment over a 5-year period from last year, with half going to South and Southeast Asia.
HSBC has completed a number of strategic acquisitions this year including AXA Singapore, LTIM asset management in India, took full ownership of its life insurance joint venture in China, and increased its stake in HSBC Qianhai Securities to 90%.
Media enquiries to:
Betty Fong, HSBC Singapore | +65 9712 8597 | betty.c.y.fong@hsbc.com.sg
Rachel Lin, HSBC Singapore | +65 9666 1855 | rachel.y.p.lin@hsbc.com.sg
Notes to Editor:
Singapore’s Key Achievements
In the past two years, we have seen a major acquisition, and expansion of coverage and operations in Singapore, as well as investments delivered across Wealth and Wholesale.
- We have 4,000 employees - where we saw over 16% increase since 2019 following the acquisition of AXA Singapore.
- Expanded Wealth Hub proposition through the AXA Singapore acquisition, business integration continues post-completion on 11 February 2022 (for US$529 million).
- Today, HSBC Singapore has 450+ MNC relationships; and we generate revenue from key trade corridors with US, Europe and Greater China.
- Launched in August 2022, Pentagreen Capital is a sustainable infrastructure debt financing platform formed by HSBC and Temasek to catalyse financing of marginally bankable sustainable infrastructure projects.
- We have moved Markets ASEAN FX and Rates coverage and book to Singapore.
- Expansion of Asset Management coverage and growth of operations - We have moved away from a distribution-only to a manufacturing and distribution model and further expanded coverage to key markets including Malaysia, Indonesia, Thailand and the Philippines.
- Awards & Recognition:
- HSBC has been named in the Euromoney Trade Finance Awards 2022 as:
- Best Trade Finance Bank in Singapore
- Best in Service for Trade Finance in Singapore
- Best Trade Finance Bank Asia Pacific
- Best Trade Finance Bank in the World
- HSBC has been named by Asiamoney as Best International Bank in Singapore and Best Bank for ESG in Singapore in 2022.
About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of six dedicated HSBC Premier Centres, a HSBC Jade Centre @ Claymore including International Wealth Hub as well as many locations across the island providing self-service terminals.
HSBC Holdings plc
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,992bn at 30 September 2022, HSBC is one of the largest banking and financial services organisations in the world.