Banks Chasing Millionaires Create Singapore’s Canary Wharf
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Singapore’s Marina Bay area is emerging as the city’s new financial hub, with banks including Standard Chartered Plc and Barclays Plc taking bigger offices as they pursue Asia’s expanding ranks of millionaires.
As new construction pushes rents in the area lower, financial-services companies are consolidating operations from the central business district about a 10-minute walk away that was first built almost two centuries ago. Standard Chartered last year relocated from 11 buildings across the city to one tower in the new office area, while Barclays moved from six to two in the district.