26 February 2019

HSBC revamps branch network as part of its growth ambitions

HSBC Bank (Singapore) today announced changes to its branch footprint across the island including refurbishments and new locations. The changes are part of HSBC’s increased strategic investments – announced in March 20181 – aimed at growing its market share in Singapore.

The changes include:

  • Flagship Claymore branch re-vamp including launch of the first ‘Jade Centre2’ in Southeast Asia
  • New Jade Centre at Jewel Changi Airport (Jewel)
  • New branch at Alexandra Retail Centre

HSBC’s sharpened focus on its branch locations is aligned with its strategic intent of achieving growth across customer segments which include Singaporeans and expatriates with international needs, from millennials to high net worth individuals (HNWIs).

Anurag Mathur, Head of Retail Banking & Wealth Management, HSBC Bank (Singapore), said: “We want to be a bank for all Singaporeans and international professionals who are living and working here. This will require three things: providing the best customer experience, delivering the right products and propositions, and delivering a blend of physical and digital channels that make sense for them. Securing these prized locations and continuing to invest in them underlines the HSBC Group’s long-term commitment to Singapore as a strategic growth market.”

Flagship branch in Orchard – serving domestic and international customers

HSBC has revamped and upgraded its ‘flagship’ Claymore branch which will be focused on serving its Premier and International customers. The Claymore branch will also house the first Jade Centre within the region. The Jade Centre is designed to allow HSBC’s relationship managers to have more meaningful conversations with its high net worth customers given their complex wealth needs.

To better optimise its branch network, HSBC will be closing its Liat Towers branch located within the Orchard road stretch once the upgraded Claymore branch re-opens on 4 March 2019.

Jewel Changi Airport – focus on international customers

The second Jade Centre at Jewel is scheduled for opening in the first half of 2019, and will be the latest addition to HSBC Singapore’s branch network.

Jewel will be Singapore’s first multi-dimensional lifestyle destination to integrate Nature, Play and Retail elements on a large scale3. Designed by world renowned architect Moshe Safdie, Jewel will feature a distinctive dome shaped facade made of glass and steel, making it an iconic landmark in the airport’s landscape.

The Jade Centre at Jewel will enable HSBC to better serve its international and Jade customers, who form almost half of its total affluent customer base4 in Singapore. Given these customers are typically frequent travellers who will leverage Changi Airport’s excellent international flight connectivity as a stopover destination, having a presence within the airport will make it easier for them to bank with HSBC.

In 2018, Singapore Changi Airport handled a record 65.6 million passenger movements5, making it the ideal location to entrench HSBC’s position as the leading bank for international customers.

Alexandra branch – serving Singapore’s business and technology hubs

Alexandra Retail Centre is located right in the heart of Singapore’s R&D and high technology cluster, comprising biomedical sciences, infocomm technology (ICT) and media industries. The One-north district alone is now home to more than 400 companies with about 46,000 workers.

It is also a stone’s throw away from Singapore’s leading educational and research institutes such as the National University of Singapore(NUS), Singapore Institute of Technology (SIT), the Singapore Science Parks and internationally renowned business schools – INSEAD and ESSEC.

Furthermore, it is situated along the Alexandra / Telok Blangah business corridor within Mapletree Business City I and II6, an integrated business hub that houses top global tech companies and financial institutions.

Ms Fion Khoh, Head of Network, HSBC Bank (Singapore) shared: “It is important for us to be where our customers are. As such, we see great value in adding a new branch in the Alexandra area to serve this unique group of upwardly mobile and busy customers right near where they work.”

Over the past couple of years, HSBC has revitalised key branches and improved accessibility by:

  1. Partnering with 7-Eleven to expand our cash access network to over 800 cash touch-points7
  2. Re-locating our Tampines branch to a prime location
  3. Opening the Raffles Place branch which is located in the heart of Singapore's financial centre
  4. Renovating the Suntec City branch to sport a new layout and interior that utilises digital technologies

HSBC currently has branch presence in 13 strategic locations around Singapore and continues to invest in its physical and digital channels in Singapore.

Jewel Changi Airport (Jewel) – The new icon of Changi Airport (Image courtesy of Jewel Changi Airport Devt.)