SINGAPORE - HSBC announced on Tuesday (Aug 29) the appointment of former Barclays banker Alan Turner as head of commercial banking for Singapore.
Mr Turner takes over from Mr Steven Cranwell, who has been appointed regional head of commercial banking for the Middle East, North Africa and Turkey.
In his new role, Mr Turner will be responsible for HSBC's large corporates and small and medium-sized enterprises (SME) banking segments, as well as lead the global trade and receivables finance, and global liquidity and cash management solutions businesses in Singapore.
He will jointly report to Mr Tony Cripps, chief executive officer of HSBC in Singapore, and Mr Stuart Tait, head of commercial banking for Asia-Pacific.
Mr Turner has more than 25 years' experience, including six years in Asia, with regional and sector expertise from a variety of senior executive roles in trade finance, liquidity and cash management, and leveraged and debt finance. He joined HSBC Commercial Banking from Barclays in London.
"Mr Turner's strong sector and global expertise will be a boost to our Singapore business, as we continue to support our clients here in their international expansion plans in Asean and beyond," said Mr Cripps.
HSBC said expanding infrastructure activity across the region, and in other markets like China, is creating opportunities for Singapore-based corporates across logistics, engineering, construction and business services.
It estimates that US$2.1 trillion (S$2.8 trillion) of infrastructure is required across the Asean-6 countries but current spending trends will cover only US$910 million, which means substantial private investment is required.
Currently, two-thirds of the financing is arranged through Singapore.
The country is also the base for 37,400 international companies, of which 7,000 are multinational corporations and 60 per cent have regional responsibilities.
Said Mr Cripps: "For HSBC Singapore, supporting international mid-market-sized businesses is our sweet spot in the market. Other international banks may have a comparable network but target larger multinationals, while local banks may have an emphasis on the mid-market, but not the global network.
"We offer corporates in Singapore with a unique trifecta: transactional and capital banking solutions, access to our international network and a focus on corporate and mid-market-sized companies, so we are very well placed to support them in their international ambitions."