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HSBC appoints ex-Barclays banker as head of commercial banking in Singapore
HSBC has appointed former Barclays London banker, Alan Turner, as its new Head of Commercial Banking in Singapore.
Mr Turner takes over the role from Steven Cranwell, who has been appointed Regional Head of Commercial Banking in the Middle East, North Africa and Turkey. He will jointly report to Tony Cripps, Chief Executive Officer for HSBC in Singapore and Stuart Tait, Head of Commercial Banking for Asia Pacific.
Mr Turner will be responsible for HSBC's large corporates and Small and Medium Enterprise (SME) banking segments. He will also lead the bank's Global Trade and Receivables Finance, and Global Liquidity and Cash Management solutions businesses in Singapore.
He joins at a time when HSBC Singapore is looking to support internationally oriented corporates grow as they expand in Asean and beyond.
HSBC estimates that US$2.1 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 - base for 37,400 international firms, of which 7,000 are multinational corporations and 60 per cent have regional responsibilities.
"These companies use Singapore as their regional headquarters from which to manage their South-eastern supply chain, or export to meet the growing consumer needs of Asean's 650 million strong population,'' HSBC said.
It added that the expanding infrastructure activity across the region, and in other markets like China, is also creating opportunities for Singapore-based corporates across logistics, engineering, construction and business services.