HSBC Singapore has officially opened its new head office at Marina Bay Financial Centre Tower 2 (MBFC), which it says signifies a deepening of its long-term commitment to the city-state.

Group chief executive Noel Quinn was joined by Singapore’s deputy prime minister Heng Swee Keat to officiate the opening ceremony, alongside HSBC Singapore CEO Wong Kee Joo.

From left: HSBC group chief executive Noel Quinn, Singapore's deputy prime minister Heng Swee Keat, and HSBC Singapore CEO Wong Kee Joo at the ribbon-cutting ceremony for the official opening of HSBC Singapore’s new head office at MBFC.

In a statement, HSBC says the investment in MBFC will enable it to leverage and contribute to Singapore’s well-established position as a business and wealth hub for the region.

Recognizing 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, according to the bank. 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.

“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,” says Quinn. “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’s new head office includes over 140,000 square feet of space over the top floors of the 50-storey MBFC Tower 2 building, complementing its offices at Mapletree Business City. It also incorporates design elements to minimize energy consumption and carbon emissions. The new premises are digitally-enabled and support new hybrid ways of working for the bank’s 4,000-strong local workforce.

The Singapore branch aims to double its wealth business by 2025. Equally, the bank is targeting double-digit growth in its commercial banking business in the country.

Across Asia, HSBC has earmarked US$6 billion investment over a five-year period from last year, with half going to South and Southeast Asia. It has completed a number of strategic acquisitions this year, including AXA Singapore, LTIM asset management in India, and full ownership of China Life Insurancem, and increased its stake in HSBC Qianhai Securities to 90%.