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Melbourne-headquartered ANZ’s chief executive officer said that Singapore has been a relative winner of business compared to Hong Kong.
Singapore has been outdoing Hong Kong within the financial sector across various factors, according to a «Bloomberg» report citing ANZ CEO Shayne Elliot.
«The data is clear, more financial markets capability, money center capability, Singapore has been a relative winner,» Elliot explained. «What’s happening in Hong Kong from our customers is changing. We’d be remiss not to say that Singapore in a relative sense has outgrown Hong Kong, from our perspective. More of our customers have chosen to invest their regional treasury capabilities in Singapore.»
Nonetheless, Hong Kong continues to play a strategic role in the financial sector and Elliot noted that it was «still a very important center» for ANZ. Currently, the Australian lender has about 800 staff in Singapore, double of the headcount in Hong Kong.
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