M’sia remains HSBC’s growth market in Asean

HSBC continues to support the govt’s ambitions to boost the resilience of the economy and help the country to build back better 

by S BIRRUNTHA / Pic by MUHD AMIN NAHARUL

MALAYSIA will remain central to HSBC Group’s strategy and crucial to the group’s growth plans across the Asean region. 

HSBC Bank Malaysia CEO Stuart Milne (picture) said this is because the country represents significant growth potential to the bank. 

HSBC Bank Malaysia Bhd has invested US$250 million (approximately RM1.04 billion) to open its new head office at the Menara IQ building in the country’s international financial centre at Tun Razak Exchange (TRX) in Kuala Lumpur. 

Milne noted that the move to the 33-storey Menara IQ building signifies the bank’s own focus on providing a fit-for-purpose, modern working environment with superior digital capabilities, integrating the highest standards of environmental sustainability. 

He added that a total of 5,000 employees will be based in the new head office in the TRX and the bank’s flagship branch at Leboh Ampang has also relocated to Menara IQ. 

“Just as we have been part of so much of Malaysia’s economic past for the last 130 years, we are committed to continuing to help the country grow for the next century and beyond. 

“The move of our head office to Menara IQ at TRX is a strong demonstration of our unwavering commitment to Malaysia and our customers here,” he said during the opening ceremony of HSBC’s new head office in TRX yesterday.

According to Milne, the new premises will allow its employees to embrace a new “Future of Work” model, which offers a shift towards a more hybrid and flexible style of working.

He said the new branch, with enhanced digital offerings and innovative technology, offers a comprehensive suite of retail services, in addition to access to HSBC’s international reach, helping to address the diverse needs of 

HSBC customers in the centre of the city. 

He added that in Malaysia, HSBC continues to focus on supporting the government’s ambitions to boost the resilience of the economy and help the country to build back better. 

The opening ceremony of the new head office was officiated by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. 

In his opening speech, Tengku Zafrul expressed that Malaysia’s diverse and developed financial sector will be critical in facilitating the nation’s developmental needs. 

He highlighted that the country’s banking sector, which is one of the most robust in Asia, is well positioned to realise the nation’s aspirations, especially as it, too, is undergoing transformation and significant change. 

Meanwhile, a part of the bank’s sustainability efforts also supports partnerships that help the country’s communities to thrive. 

As a demonstration of this commitment, HSBC Malaysia donated RM1 million to the Global Environment Centre and Yayasan Inovasi Malaysia. 

Moving forward, HSBC said it will continue to reinforce its commitment in Malaysia through the bank’s ongoing investments. 

This includes the US$58 million which has been invested in building the digital capacity of the bank’s branches since 2018. 

HSBC Amanah Malaysia Bhd, the bank’s Islamic banking subsidiary is also focused on transforming into a sustainable banking entity, in which the initiative includes an aim of having 51% of its financing assets be compliant with the triple bottom line principles of “prosperity, people and planet”. 

TRX has been created as a growth nucleus to facilitate Malaysia’s economic transformation. 

The new development will leverage Malaysia’s existing strengths and play on its strategic location to complement other economic and financial centres within the region. 

Menara IQ has been designed as a multi-tenanted commercial building, with digital and environmental features embracing the overall elements of the TRX ambition and the community development in the area. 

HSBC owns the building and is the anchor tenant occupying 22 floors. 

The rest of the floors will be leased to companies supporting the TRX ecosystem such as fintechs, financial and professional services firms. 

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