HSBC is poaching a former Barclays banker to kickstart its commercial banking activities in Singapore.
In his new role, Alan Turner will take on responsibility for HSBC’s Large Corporates and small and medium enterprise banking segments.
He will also lead the Global Trade and Receivables Finance, and Global Liquidity and Cash Management solutions businesses in Singapore.
Turner joins HSBC Commercial Banking from U.K. bank Barclays London, where he has spent the majority of his career including stints in Hong Kong.
Singapore in a Sweet Spot
He will jointly report to Tony Cripps, chief executive officer for HSBC in Singapore and Stuart Tait, head of Commercial Banking for Asia Pacific, the bank said in a press release.
Turner takes over the role from Steven Cranwell, who has been appointed regional head of Commercial Banking Middle East, North Africa & Turkey.
HSBC estimates that $2.1 trillion of infrastructure is required across the Asean-6 countries but current spending trends will cover only $910 million, which means substantial private investment is required.
Currently, two-thirds of the financing is arranged through Singapore. 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.
