HSBC Opens New Singapore Office With Substantial Growth Plans
- HSBC moves Southeast Asia rates and currency team to Singapore
- Bank under pressure from largest shareholder to grow in Asia
Towers that house the HSBC Holdings Plc headquarters, center right, in the central business district of Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
HSBC Holdings Plc has big plans to ramp up in Singapore to build up international corporate and wealth banking as it expands its Asia footprint outside its regional hub in Hong Kong.
As he opened a new Singapore headquarters Monday on the top floors of 50-story Marina Bay Financial Centre Tower 2, Chief Executive Officer Noel Quinn said the city state is a “critical” market for Europe’s biggest bank. “We have every ambition to grow our business substantially here in Singapore,” he said. “We know there is very strong competition.”