HSBC Bank Malaysia: Investing $250 Million to Build Headquarters in Malaysia
June 15 2017 - 05:19AM
Dow Jones News
By Yantoultra Ngui
KUALA LUMPUR, Malaysia--HSBC Bank Malaysia Bhd., the Malaysian
unit of HSBC Holdings PLC (HSBA.LN), said Thursday it is investing
$250 million to build its new headquarters in the Tun Razak
Exchange financial district, a former development of troubled
state-investment fund 1Malaysia Development Bhd.
HSBC Bank Malaysia said the bank and TRX City Sdn. Bhd., which
owns Tun Razak Exchange and now falls under Malaysia's finance
ministry, have signed a sale-and-purchase agreement for the
development of its new headquarters in the financial district in
Malaysia's capital city, according to a joint statement by the two
parties.
HSBC Malaysia's new headquarters will have office space of at
least 568,000 square feet, the bank said, adding that it will be
the first foreign bank to invest in Tun Razak Exchange. It didn't
specify the expected date of completion.
According to TRX City Chief Executive Azmar Talib, local and
foreign companies have signed agreements to develop about 70% of
the plots of land in Tun Razak Exchange, a 70 acre financial
district in Kuala Lumpur.
Write to Yantoultra Ngui at yantoultra.ngui@wsj.com
(END) Dow Jones Newswires
June 15, 2017 05:04 ET (09:04 GMT)
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