Orchard Road is the place to be in Singapore. Forget Raffles Place
UBS and Credit Suisse’s shotgun wedding is already moving people around in Singapore.
Moving, of course, are the Credit Suisse staff. Credit Suisse's private bankers will be moving from their old office at One Raffles Link to UBS’s at 9 Penang Road, it has been reported.
9 Penang Road is just off Orchard Road, which seems very much the place to be. UBS’s presence dates in the area dates back to just 2021, the same year that Citi opened its largest global wealth center at the time (on 268 Orchard Road).
UBS’s office is entirely occupied by the company, a streamlining of previously scattered offices at One Raffles Quay, Suntec City, and the Command House. Only technology and operations are still at Hansapoint).
Facilities at UBS's Orchard Road place include “wellness spaces”, a fully equipped gym including shower rooms and lockers, as well as “comprehensive facilities for pedestrians and cyclists,” among others. But it’s hard to beat sharing an office with Goldman Sachs, as was the case at Credit Suisse’s old digs.
The reason for the move is likely cost savings on UBS’ part. But it says a lot about the changing landscape of Singapore that a major bank is moving its (new) people away from Marina Bay and towards the more… Quaint, shall we say, Orchard.
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