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ABERDEEN SET FOR SCOTLAND’S LARGEST HSBC BRANCH WITH £3.5M INVESTMENT

HSBC today (17 August 2011) announced its plans to invest £3.5 million in expanding its Aberdeen operations, bringing Scotland’s largest HSBC branch to Union Street and creating 26 jobs in the city.

The bank has secured the prime city centre location at 95-99 Union Street for its five floor state of the art retail branch, which set to open early next year at a cost of £2.8 million. The move to the larger branch will give customers access to dedicated business and premier lounges, as well as the full suite of banking services.

HSBC will continue to run its commercial, corporate and structured banking divisions from the existing Queen’s Road site, investing an additional £700,000 to upgrade the facilities and adding three new staff to the commercial team.

HSBC recently announced it was set to invest over £9 million in extending its branch network in Scotland, following successful customer acquisition which saw a 20 per cent growth in income across its retail and SME divisions last year.

Since opening in Aberdeen in 1994, HSBC has continually invested in its north east operations due to recording strong growth across both its corporate and commercial divisions. This has primarily been led by demand for the bank’s international expertise, particularly within the oil and gas sector, which led to the bank establishing a dedicated Scottish leveraged finance team in Aberdeen in 2008.

HSBC also recently launched its specialist agriculture division in the city – a first for the bank in Scotland – to support viable agriculture businesses in the north east.

John Rendall, CEO for HSBC in Scotland said:

“Of all the new branches we’re planning for Scotland, Aberdeen is by far our biggest investment. As a city with a thriving economy and international outlook, our expansion here forms an important part of our growth strategy for Scotland.

“This increased focus on Aberdeen is due to the success we’ve experienced and the opportunities we know exist, particularly as it is home to an abundance of innovative, internationally focused businesses that we’re well placed to serve.

“We recognise the importance of investing in our services and our increased visibility on the high street, coupled with our premier banking offering, will help drive our premium customer acquisition in the area.

“The challenge for us is to persuade those who bank with others today to consider how we can meet their banking needs. As we set out on this significant expansion in Aberdeen, I’m confident we’ll have the team and the infrastructure in place to do just that.”

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