HSBC To Invest $3M In Harbourview & Compass

September 29, 2016

Saying that they have a “very successful business in Bermuda,” HSBC Bermuda said they “will be investing in the region of USD3.0 million in the Harbourview Centre and Compass Point properties.”

Mark Watkinson, HSBC Bermuda’s CEO, said: “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.

HSBC Bermuda TC September 29 2016

“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 two mortgages on the Island.”

“As the business has developed the bank has launched a new city property strategy focusing the customer facing businesses and head office in the Harbourview Centre, at 37 Front Street and most of the operations in the Compass Point property located on Bermudiana Road.

Mr Watkinson added, “We will be investing in the region of USD3.0 million in the Harbourview Centre and Compass Point properties and separately, we are exploring alternative options for our Front Street property at Albuoy’s Point.

“We believe that 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.”

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Comments (12)

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  1. stung says:

    Want to really help Bermuda? Give us a break on mortgage rates!

  2. Justice says:

    Or at least SOME interest on our money!

    • Now we are talking says:

      Exactly. Interest.
      we help build these bank and what are we getting back: CHARGES.
      How sad. I don’t want to hear that interest rates are also zero elsewhere. This is Bermuda where you charge a wack for mortgages and give nothing in return and don’t go 60 and expect much.
      Lord. Why?
      Oh, thanks for the snowballs and the Cup Match trinkets but that is NOT what we want.

      • Legalgal says:

        They provide jobs. Full stop.

        • Jus' Wonderin' says:

          Tell that to the lady in India I just talked to on the phone offering me support here! FOH with that BS!

  3. Naughton says:

    This bank has been nothing but bad news for Bermuda. First, they killed Front St through opportunism. Second, they flooded Bermuda with cheap money an a real estate bubble we are still recovering from. Third, try getting a straight answer from them over anything. Fourth, Harbourview should never have been built, a waste of prime property that should be retail shop space rather than the bland pantheon to bad taste that it is.

  4. Hope says:

    Aren’t these properties already pretty great? What would they need to spend $3m doing exactly?!

    • PBanks says:

      Albouy’s Point is a bit of a patch job at this point in time, but HarbourView isn’t that old a facility, so can’t imagine there needed to be much done over there.

  5. Swing Voter says:

    Turn that Albouy’s Point building into a Hotel and then buy the park as well.

  6. Toodle-oo says:

    Of course they have a ‘very successful business in Bermuda’ and ‘have achieved a positive balance with their domestic business’
    When they have the gall to not only charge us for a savings account and then only offer .06% interest on savings but all the while making double digit profits off of our money they should be making a huge profit.

    The worst thing ever in our business history was to sell the Bank of Bermuda to a foreign interest.

    • Legalgal says:

      They’ve had to clean up a lot of local business and scale back jobs. Got rid of their trust business. They do still provide an awful lot of jobs and opportunities and losing s big, international name like that would hit Bermuda hard.

  7. Mr. Meoff says:

    Well said Toodle-oo