HSBC set to move New Zealand headquarters

by NZ Adviser03 Jun 2016
HSBC has announced it will be moving to 188 Quay Street, currently the PwC Tower, which will be renamed HSBC Tower in late 2019 after its current lease is complete. 

HSBC’s 10-year lease agreement with Precinct Properties New Zealand Limited, the owner of 188 Quay Street, is for multiple floors and includes full naming and branding rights for the building. 

"The reasons for our relocation are that the opportunity presented itself for us to relocate to 188 Quay Street in a deal which includes full naming and branding rights, which are very important to HSBC, upon completion of our current lease of HSBC House at One Queen Street, Auckland," Chris Russell, Chief Executive Officer of HSBC in New Zealand told NZ Adviser.

"We also consider 188 Quay Street to be an even higher quality and more prominent building than our current premises, and the great location in the heart of Auckland’s CBD – as well as the proximity to key public transport hubs for rail, buses and ferries – makes is very convenient for interacting with our clients, as well as for employees commuting to and from work. By the time we move in, the retail and F&B amenities of the Commercial Bay precinct will be an added bonus.

"The key point for HSBC in all of this is that this announcement clearly demonstrates our ongoing, long-term commitment to the NZ market. Our bank was founded in 1865 in Hong Kong and Shanghai to facilitate trade between China/the East and the West, and facilitating trade and managing the associated risks is one of the key pillars of HSBC’s global business today.

"NZ’s economic future is largely dependent on exports and other cross-border business and investments, increasingly between NZ and China, ASEAN and other markets in Asia, so the NZ market is a natural fit for HSBC’s global strategy and core cross-border strengths."

PwC is set to move into the new high rise building that Precinct will be constructing in Commercial Bay on the site of the current Downtown Shopping Centre. 

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