HSBC Singapore has officially opened its new head office at Marina Bay Financial Centre (MBFC) Tower 2, two years after first moving from 21 Collyer Quay.
HSBC Singapore’s new head office occupies 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.
HSBC’s group chief executive Noel Quinn was joined by Deputy Prime Minister Heng Swee Keat on Nov 14 to officiate the opening ceremony alongside HSBC Singapore CEO Wong Kee Joo.
Covid-19 had forced HSBC Singapore to delay celebrations for two years, says Wong.
HSBC has earmarked a US$6 billion ($8.23 million) investment over five years from 2021, with half that sum going to South and Southeast Asia. In 2022, HSBC completed the acquisitions of AXA Singapore, LTIM asset management in India and full ownership of China Life Insurance, while increasing its stake in HSBC Qianhai Securities to 90%.
With the AXA Singapore acquisition, HSBC Singapore reports a 16% increase in headcount from 2019, totalling 4,000 employees today.
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Quinn says: “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 aims to double its wealth business by 2025. The bank is also targeting double-digit growth in its commercial banking business in Singapore.
Wong says: “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.”
