ANZ Group Holdings Ltd.'s CEO Shayne Elliott has noted a significant migration of its customers from Hong Kong to Singapore. This shift has seen the bank double its personnel in Singapore compared to Hong Kong. Elliot stated that Singapore has relatively outperformed in recent years, drawing more financial capabilities. The pandemic played a role as professionals and businesses moved from Hong Kong's stringent Covid-19 lockdowns to Singapore. Despite the shift, Hong Kong remains a vital centre for ANZ. Amidst China's rigorous Covid-19 measures, many bankers left Hong Kong for Singapore and even Dubai. Last month, National Australia Bank announced its Hong Kong office’s closure, consolidating its operations in Singapore, mainland China, and Japan.