HSBC Opens New HQ in Singapore at Marina Bay Financial Centre Tower 2, Opening Officiated by HSBC Group CEO Noel Quinn & Singapore Deputy Prime Minister Heng Swee Keat
14th November 2022 | Singapore
HSBC, one of the largest bank in the world with $2.9 trillion assets & with history in Singapore dating back to 1877, has opened a new headquarter at Marina Bay Financial Centre Tower 2 (MBFC) in Singapore, with the new 140,000 square feet HSBC Singapore headquarter on the top 2 floors of the 50-storey MBFC Tower 2. The HSBC Singapore new headquarter opening is officiated by Singapore Deputy Prime Minister Heng Swee Keat, HSBC Group Chief Executive Noel Quinn and HSBC Singapore CEO Wong Kee Joo. HSBC has earmarked $6 billion to invest in Asia over 5 years (2021 to 2025), and aims to be the leading wealth manager in Asia by 2025, with Singapore commercial banking to achieve double-digit growth. In 2022, HSBC has completed strategic acquisitions including AXA Singapore, LTIM asset management in India, full ownership of China Life Insurance, and increased its stake in HSBC Qianhai Securities to 90%. HSBC: “HSBC Singapore is strategically positioned to serve Southeast Asia, with 4 major global trends (Supply chain shift, climate change, digital acceleration & rising wealth). HSBC Singapore is also committed to support both corporate clients and individuals’ green transition through financing and ESG-themed banking & investment solutions.” See below for more info and photos of HSBC Singapore opening:
“ HSBC Opens New HQ in Singapore at Marina Bay Financial Centre Tower 2, Opening Officiated by HSBC Group CEO Noel Quinn & Singapore Deputy Prime Minister Heng Swee Keat “
Noel Quinn, Chief Executive, HSBC: “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.”
Wong Kee Joo, Chief Executive, HSBC Singapore: “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 New HQ Official Opening
14th November 2022 – 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. Close to over 120 HSBC executives and guests graced the occasion.
HSBC Singapore New HQ Official Opening
The HSBC Singapore new headquarter opening is officiated by Singapore Deputy Prime Minister Heng Swee Keat, HSBC Group Chief Executive Noel Quinn and HSBC Singapore CEO Wong Kee Joo.
Marina Bay Financial Centre Tower
HSBC Announcement on New HQ: “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.” HSBC new headquarter in Singapore incorporates design elements to minimise energy consumption & carbon emissions, and is modern, digitally-enabled and support hybrid work HSBC 4,000 Singapore workforce.
Wong Kee Joo, Chief Executive, HSBC Singapore Opening Speech Extract:
Wong Kee Joo: “Many of you will remember our previous headquarters at 21 Collyer Quay. It was a historic location for HSBC Singapore as it was HSBC’s first office in Singapore, just steps away from Boat Quay, and where the history of Singapore’s story as a global trading centre began. From that location, we operated for 128 years, serving our Clients, People and Community.”
Noel Quinn, Chief Executive, HSBC Opening Speech Extract:
Noel Quinn: “Singapore is absolutely a critical market for HSBC. It has been, as we said earlier, since 1877 when we first opened here in Singapore. It has been an important market since then, and it will continue to be an important market. We’ve committed to investing $6 billion over the next few years in Asia. 50% of that will be in this region – in the ASEAN region, in India. 50% of that will be in Hong Kong and China. So $3 billion of the investment is going to be going into the market here in South and Southeast Asia. Singapore is a critical market for us, and it’s critical for us in two principal areas – International Corporates and International Wealth.
Singapore is a very welcoming market. The regulatory environment here is excellent. It’s one of the most professional regulatory environments I see around the world. The quality of people, the quality of regulation, the quality of business here is first class. I want to thank the government for all that they do to create such a receptive environment for businesses to base themselves here in Singapore. They are also a very strong partner – it is an environment that is one of collaboration between regulator and government with business, in partnership for the development of Singapore, and for the development of the people and businesses of Singapore. And that’s a very positive environment to operate within.”
HSBC Leading Wealth Manager in Asia by 2025, $6 billion Investment in Asia
HSBC has earmarked $6 billion to invest in Asia over 5 years (2021 to 2025), and aims to be the leading wealth manager in Asia by 2025, with Singapore commercial banking to achieve double-digit growth. HSBC has completed strategic acquisitions in 2022 including AXA Singapore, LTIM asset management in India, full ownership of China Life Insurance, and increased its stake in HSBC Qianhai Securities to 90%. HSBC Singapore is also strategically positioned to serve Southeast Asia, with 4 major global trends (Supply chain shift, climate change, digital acceleration & rising wealth). HSBC Singapore is also committed to support both corporate clients and idividuals’ green transition through financing and ESG-themed banking & investment solutions.
HSBC Singapore’s Key Achievements
HSBC: In the past 2 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.
- HSBC has been named in the Euromoney Trade Finance Awards 2022 as:
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.
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