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.
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(END) Dow Jones Newswires
June 15, 2017 05:04 ET (09:04 GMT)