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Tuesday, October 07, 2003
HSBC, Taft Property in long-term deal
By Jessica B. Natad
THE London-based Hongkong and Shanghai Banking Corp. (HSBC) Ltd. has expressed interest in having long-term business relations with the Cebuanos. This is why it has partnered with a Cebu-grown property developer for the construction of its new office at the Cebu Business Park.
According to HSBC-Philippines chief executive officer Warner Manning, the bank is investing “millions of pesos” for the furnishings and training of more employees for its new office, where its current branch in Cebu will be relocated.
HSBC will be leasing its office from Taft Property Venture Development Corp., the real estate arm of the Gaisano group of companies.
“We are leasing the property because foreign banks are not allowed to own properties in the country. However, we want to grow our business in Cebu.
“We will be leasing the property for a long period of time. Hopefully, this will be permanent,” he told Sun.Star at the ground-breaking of HSBC’s new branch over the weekend.
He also said HSBC will continue to open more branches in the country, including Cebu, in the next few years. The bank recently opened a branch at Fort Bonifacio.
Manning said HSBC would launch more products, in addition to its Red Mastercard for women, through its new and bigger branch, which is scheduled to start serving its clients in time for the Chinese New Year in February.
The 127-year-old HSBC has 21 branches all over the country.
Manning said HSBC plans to strengthen its consumer banking this year.
(October 7, 2003 issue)
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