HSBC to move HQ to TRX

by HANANI AZMAN / Pic by BLOOMBERG

HSBC Bank Malaysia Bhd is currently focused on relocating its head office-based teams in Leboh Ampang, Kuala Lumpur (KL), to Tun Razak Exchange (TRX), which is expected to be executed via a phased approach.

In a response to The Malaysian Reserve’s queries on the bank’s plan to relocate its Cyberjaya operations, HSBC, however, said plans for its other offices in the country have not been finalised.

It was reported last week that several companies have shut down or relocated their offices from Cyberjaya, including major firms like IBM Global Delivery Centre.

This has raised concerns whether other firms will follow suit by moving to other locations that are more cost-effective for their operations.

HSBC said Malaysia will remain a priority market for the HSBC Group globally.

“The construction of our new country headquarters at the new financial hub of TRX City in KL is a strong testament of our commitment to our business and to retaining our position as a leading international financial institution in the country.

“We have invested more than RM1 billion in the new, futuristic headquarters (HQ), and this investment will be fundamental to developing our business in Malaysia,” it said.

The bank added that the construction of the new building is close to completion, with its HQ-based teams expected to commence the phased relocation in the second half of 2021.

“The move to TRX signifies our enhanced focus on flexibility, providing a fit for purpose modern working environment, integrating the highest standards of environmental sustainability.

“We will share more details when we move to the modern building,” it added.

In June 2017, HSBC announced a US$250 million (RM1.04 billion) investment to build its future HQ in the TRX under its commitment to develop Malaysia as a financial hub in Asean.

The banking group and TRX City Sdn Bhd signed a sale and purchase agreement for the development of HSBC Malaysia’s future HQ in the international financial district.

The investment for the HQ with a minimum office space of 568,000 sq ft makes HSBC the first foreign bank to invest in the TRX development.

The TRX is considered to be the country’s first international financial district, with its master plan combining sustainability, public realm and connectivity in the city’s centre, benchmarked against London’s Canary Wharf, Singapore’s Marina Bay and Hong Kong’s International Commerce Centre. In September 2020, Ekovest Bhd, Iskandar Waterfront Holdings Sdn Bhd and TRX City announced a deposit payment of RM1.24 billion and a RM500 million advancement to TRX City, which is wholly owned by the Minister of Finance Inc.

Meanwhile, the nation’s first Kimpton Hotels and Restaurants Group LLC is expected to open in 2023 at The Exchange TRX,following InterContinental Hotels Group’s management agreement signing with LQ Retail Sdn Bhd.

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