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HSBC Deepens Investment in Asia With New Singapore Head Office

HSBC announced the official opening of its new head office at Marina Bay Financial Centre Tower 2 (MBFC) as part of its long term commitment to Singapore.

The new head office includes over 140,000 sq ft of space over the top floors of the 50-storey MBFC Tower 2 building which incorporates design elements to minimise energy consumption and carbon emissions.

The bank currently has 4,000 employees, where it saw over 16% increase since 2019 following the acquisition of AXA Singapore in a US$575 million deal.

The bank has completed a number of other strategic acquisitions this year including LTIM asset management in India, and full ownership of China Life Insurance, and increased its stake in HSBC Qianhai Securities to 90%.

HSBC said that it will continue to invest in Asia and has earmarked US$6 billion investment over a 5-year period from last year, with half going to South and Southeast Asia.

Additionally, HSBC Singapore also aims to double its wealth business by 2025 and is targeting double-digit growth in its commercial banking business.

Noel Quinn

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.”

Wong Kee Joo

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.”