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HSBC mulls options for Albuoys Point offices

HSBC: considering the future of its office block at Albuoys Point

HSBC Bermuda is to invest $3 million in two of its Hamilton city offices.

The bank plans to focus its customer services business in the Harbourfront Centre on Front Street, while most operations will be concentrated in the Compass Point building on Bermudiana Road.

And the bank said it was “exploring alternative options” for the Albuoy’s Point building, also on Front Street.

A spokeswoman for the bank declined to say whether the Albuoy’s Point building would be sold, rented out or redeveloped.

She added: “Our plans include the development of new training facilities, building a new trading floor and other significant enhancements, to both the Harbourview and Compass Point buildings.

“We are currently exploring alternative options for our 6 Front Street, premises.”

Albuoy’s Point still houses a number of HSBC staff, and the executive suite occupied by Mark Watkinson, HSBC Bermuda CEO.

Mr Watkinson said: “We believe this investment will have a positive impact on our employees as we continue to support the needs of both international and local clients — critical considerations for Bermuda’s future economic success.”

Mr Watkinson added: “We have a very successful business in Bermuda.

“This can be attributed to the strong team we have on the island, our ability to adapt to the changes that have taken place globally and locally over the past decade and the strength of the HSBC group.

“We have achieved a positive balance between our international business and our domestic business.

“We service the needs of the large international business community in Bermuda and promote the jurisdiction globally.

“Locally, we serve half of the domestic businesses and provide finance for one in tow mortgages on the island.”