Tough pandemic restrictions ostensibly prompted the bank to resort to unusual steps when moving staff between the two cities.
The Asian businesses of Societe Generale reportedly made an arrangement with the Singapore government when it came to shifting about a dozen traders out of Hong Kong to the city-state, the «Financial Times» (paywall) reported on Thursday, citing sources close to the matter.
The newspaper said the government had allowed the bankers to move even though it had been tightening controls on the entry of foreign workers. Citing two individuals familiar with the steps, it added that SocGen had come under increasing pressure from staff who were looking to leave Hong Kong after the prolonged and extended Covid-related restrictions brought on by the fifth wave of infections as a result of the Omnicron variant.
Backup Headquarters
The bank officially designated Singapore as the backup location for its Asia headquarters, one of the sources indicated, after which it was able to declare a so-called business emergency and temporarily shift staff to ensure the continuity of its services.
According to the FT, the city-state's government did not want to be seen as «too obstructionist» even though it has been increasing restrictions on foreign work permits.
The newspaper also added that the bank foresees the staff returning to Hong Kong at a future juncture.
