June 14, 2024

Investments & Exits

HSBC Opens HO in Singapore- What Are the Implications?

As a result of its prolonged commitment to Asia in general and Singapore in particular, HSBC has given a statement in its recent press release about the official unveiling of its new corporate headquarters at Marina Bay Financial Centre Tower 2 (MBFC).

Over 140,000 square feet of floor space is available on the upper floors of the 50-story MBFC Tower 2, which integrates design features to reduce energy use and minimise carbon emissions. The banking institution presently employs 4,000 people, a figure that has increased by more than 16% after they acquired AXA Singapore in 2019 in a USD 575 million deal.

In this calendar year, HSBC has finalised a set of significant acquisitions, which include LTIM Asset Management (India) , complete ownership of China Life Insurance, as well as a 90 percent shareholding in HSBC Qianhai Securities.

HSBC stated that it could keep investing in Asia and the company has set aside 6 billion USD for a five-year period beginning in 2021. They further added that approx. 50 percent of this sum was earmarked for South & South East Asia.

Moreover, HSBC Singapore is also planning to double its wealth biz by the year 2025 and to develop and grow the commercial businesses.

 

Chief Executive of HSBC, Noel Quinn said that Singapore is an important pillar that reflects HSBC’s growth strategy and hence they will use Singapore’s strength to serve their customer’s needs.

Chief Executive, HSBC Singapore, Wong Kee Joo added that the new headquarters further strengthens the fact that HSBC is committed to Singapore. Since inception in 1877, HSBC has always aimed at helping customers get the advantages of both domestic opportunities and those beyond the border.

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