Credit Suisse to expand aggressively in Singapore
Singapore – Credit Suisse bank has announced plans to move into a new office in Changi City, as the bank plans to increase staff strength to 6,000 by 2013.
The new premises, ONE@Changi City, should be completed by the fourth quarter of next year.
Lito Camacho, the bank’s vice chairman for Asia Pacific and chief executive officer for Singapore, said it was important to provide employees with a “satisfying and productive workplace”. He added having a majority of their staff in one facility is critical to business growth.
Camacho said he expects the move to not be big and “dramatic”, as the bank has already relocated over 2,000 staff to the business park. He added his employees are excited about the move.
But he said the competition for talent has gotten very “intense” within their industry, and said compensation isn’t enough to retain staff.
“It's about providing a holistic environment. I think it allows our staff to feel and be proud of this human institution as opposed to an institution that is out there to make money,” he said.
The bank’s client-facing and front office staff will still be based in their current One Raffles Link office.
With Singapore being Credit Suisse’s global support centre, the bank will be merging its operations from several local locations to Changi. They will join other financial institutions already based at the park, including DBS, Citi and Standard Chartered.
ONE@Changi City cost an estimated S$180 million, and will be the largest integrated business development within Changi Business Park. The location will also boast a retail mall and a hotel-residence for tenants and visitors to “live, work, play”.
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- Standard Chartered Bank
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