HSBC invests US$250 million to build HQ in TRX
A strategic enabler of the Malaysian government's Economic Transformation Programme, TRX will further strengthen Kuala Lumpur's role as the country's financial capital, by the creation of a seamless and central business environment for financial services firms, multinational companies and supporting ancillary businesses. Mukhtar Hussain, HSBC Malaysia CEO
KUALA LUMPUR: The US$250 million (US$1 = RM4.25) to construct HSBC Malaysia's future headquarter office in the Tun Razak Exchange site (TRX) underscored the bank's commitment to develop Malaysia as a financial hub in the Association of SouthEast Asia, said HSBC Malaysia.
In a statement yesterday, the bank said, it has signed a sale-andpurchase agreement with TRX City Sdn Bhd for the development of its future headquarters at the international financial district, marking the first phase of the land acquisition.
HSBC Malaysia chief executive officer, Mukhtar Hussain, said the investment for the future HSBC Malaysia TRX headquarters, which would have a minimum office space of 568,000 square feet, made HSBC the first foreign bank to invest in the TRX development.
“A strategic enabler of the Malaysian government's Economic Transformation Programme, TRX will further strengthen Kuala Lumpur's role as the country's financial capital, by the creation of a seamless and central business environment for financial services firms, multinational companies and supporting ancillary businesses.
“This investment will be fundamental to developing Malaysia as a financial centre in the Asean region, and HSBC is excited to be part of this iconic development,” he said.
Mukhtar said the bank enjoyed over 130 years of remarkable business success in Malaysia and Malaysia was a priority market for the HSBC Group globally.
“This investment will further cements our growth plans in Malaysia. The collaboration between HSBC and TRX demonstrates our commitment to our employees, the community and our business in Malaysia and significantly, it also reinforces the important role Malaysia plays in HSBC's Asean strategy,” he said.
He said TRX was ideally located in the heart of Malaysia's capital and would be crucial in enhancing Malaysia's status as an international financial and business centre.
“We envisage that many multinational and local companies will be attracted to this area. The strategic decision to invest in the TRX is both a milestone for HSBC and a significant investment, reinforcing our plans to expand our franchise here and to the future of Malaysia. With our strong positioning in the country as the leading foreign bank and unparalleled international network, HSBC is ideally positioned to boost TRX's success and I strongly believe that our collaboration will result in successfully developing the country's financial centre,” he said.
Meanwhile, TRX City chief executive officer, Datuk Azmar Talib, said the partnership was a significant milestone for TRX, as the company realised its vision in becoming Malaysia's international financial centre.
“We are happy to have a leading financial services institution like HSBC as our partner, as this will solidify our role in strengthening Kuala Lumpur's position as a leading centre for international finance and business.
“To-date, around 70 per cent of the plots available in TRX have been commercialised, and TRX City continues to receive significant interest from various local and international investors and tenants, including several of the world's major banks and financial institutions,” he said.