Maybank to move HQ to PNB’s Merdeka 118 tower

KUALA LUMPUR: Malayan Banking Bhd (Maybank), Malaysia’s largest bank by assets, is relocating its corporate head office from Menara Maybank in Jalan Tun Perak to Menara Merdeka 118 here.

Maybank today signed with Permodalan Nasional Bhd (PNB) a tenancy agreement of an initial term of three years and renewal for a further six terms of three years per term, which overall totals 21 years.

Maybank group president and chief executive officer Datuk Khairussaleh Ramli said the strategic decision to relocate its head office was made following careful and robust deliberations of its future operational requirements.

Khairussaleh said key considerations included workspace requirements that support the new normal and fulfill the bank’s sustainability ambitions.

“As we progressively embrace hybrid work arrangements and virtual office setups, we consciously want to occupy optimal workspaces in buildings that are supported by modern technology infrastructure and environmentally progressive, in line with new global standards of sustainability in buildings.

“These considerations are critical to our leadership ambitions in the area of digitalisation and sustainability and fits into our desire to promote good practices in every aspect of our operations,” he added.

Khairussaleh said Menara Merdeka 118 was the best fit for these considerations, especially given its Multimedia Super Corridor (MSC) status and aspirations to achieve platinum sustainability standards.

He said this globally recognised state-of-the-art building was also chosen as it was befitting of Maybank’s global brand position and aligned to its aspiration of further strengthening its regional and global leadership.

“This building is owned by PNB’s wholly-owned subsidiary PNB Merdeka Ventures Sdn Bhd,” he said.

Khairussaleh said that as part of the evaluation for a new head office that began in 2019, the bank considered several options.

This included refurbishing the 35-year old Menara Maybank, constructing a brand new head office or renting office space from a new building that already met its future operational requirements.

He said the bank considered the cost-benefit of upgrading Menara Maybank to meet among others operational and efficiency advantages, and the latest standards of sustainability.

“To do so would incur significant investments, not to mention the maintenance costs and the need to temporarily relocate our offices and employees into various locations within the Klang Valley.

“In addition, there would be various operational risks and business disruption to our customers,” he added.

As the anchor tenant of Menara Merdeka 118, Maybank has been offered naming and signage rights over the building, which will enhance its brand visibility on one of the tallest buildings in the world.

Maybank will occupy 33 floors and is expected to house some 5,900 employees in this new building, which will be accessible by a dedicated entrance for the convenience of employees, customers and visitors.

All existing offices within Menara Maybank will relocate to the new building on a staggered basis starting the first quarter of 2025.

The KL main branch in Menara Maybank, however, will remain and there will be no impact to customers who have accounts in this branch.

NST