Construction of HSBC HQ ahead of schedule
KUALA LUMPUR: HSBC Bank Malaysia Bhd ( HSBC), one of the investors in the Tun Razak Exchange ( TRX) project, is pleased with the contruction of their headquarters building in the financial district as it is ahead of schedule, said chief executive officer Stuart Milne.
“We are very happy with the progress and we will be moving in part of our businesses by December 2020,” he told reporters after the launch of HSBC Amanah Malaysia Bhd’s Sri Petaling branch yesterday.
On Thursday, Finance Minister Lim Guan Eng announced the government would inject RM2.8 billion to ensure the completion of TRX to avoid paying RM3.51 billion in compensation.
“This commitment is a very significant one, as we have invested more than US$250 million or RM1 billion in our headquarters.
“The project is well advanced and the government has made what is clearly a very sensible decision, which is to ensure that the project gets completed according to plan,” said Milne, adding that the government has recognised that the TRX was a good project.
Lim recent ly said the controversial TRX project would be continued to recoup all misappropriated funds, repay all borrowings, and recover all funding investments and loss of opportunity costs.
On another note, Milne said HSBC Bank Malaysia aimed to expand its Islamic and conventional operations in the country, with plans to launch four new unit trusts and retail sukuk.
HSBC Bank Mal ays i a op e r at e s 68 br a nche s , nationwide, 26 of which are HSBC Amanah branches. — Bernama