A new financial hub for the ASEAN region has attracted a substantial commitment from the London based but Asian focused bank. Will the new centre begin to put pressure on Hong Kong and Singapore?
Underscoring HSBC’s commitment to develop Malaysia as a financial hub in the ASEAN region the bank is making a $250 million investment to construct HSBC Malaysia’s future headquarter office in Tun Razak Exchange (TRX).
TRX is planned as an international financial district located in Kuala Lumpur city, encompassing office space, residential, hospitality and retail components.
A New International Financial Centre
A press release on the Malaysian developers site details that HSBC and TRX City signed a sale-and-purchase agreement, marking the first phase of the land acquisition.
The significant investment for the future HSBC Malaysia TRX headquarters with a minimum office space of 568,000 square feet, makes HSBC the first foreign bank to invest in the TRX development.
«Malaysia is a priority market for the HSBC Group globally, TRX is ideally located in the heart of Malaysia’s capital and will be crucial to enhancing Malaysia’s status as an international financial and business centre. We envisage that many multi-national and local companies will be attracted to this area,» commented Mukhtar Hussain HSBC Malaysia CEO.
