HSBC lauds govt decision on TRX

KUALA LUMPUR: HSBC Bank Malaysia Bhd, which is one of the investors in Tun Razak Exchange (TRX) here, has lauded the Pakatan Harapan government's decision to proceed with the project.

Chief Executive Officer Stuart Milne said construction of the bank's headquarters in the financial district is progressing well with initial operations to begin in December 2020.  

"This commitment is a very significant one. It is more than US$250 million or RM1 billion investment by us in our headquarters. We are very happy with the progress.

“We are ahead of the schedule and we will be moving in part of our businesses by the end of 2020," he told reporters after the launch of HSBC Amanah Malaysia Bhd's Sri Petaling branch here.  

Finance Minister Lim Guan Eng recently said the controversial TRX project will be continued to recoup all misappropriated funds, repay all borrowings, and recover all funding investments and loss of opportunity costs.  

The government will also inject RM2.8 billion to ensure the completion of TRX  to avoid a RM3.51 billion compensation. - Bernama