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皇冠APP(www.hg108.vip):Maybank to move corporate HQ

皇冠APP(www.hg108.vip):Maybank to move corporate HQ

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Group President and CEO of Maybank Dato’ Khairussaleh Ramli (left) and PNB President and Group Chief Executive Ahmad Zulqarnain Onn at the signing ceremony.

KUALA LUMPUR: Malayan Banking Bhd (Maybank) will move its corporate head office from Menara Maybank in Jalan Tun Perak to Menara Merdeka 118 in stages starting from the first quarter of 2025.

Maybank, South-East Asia’s fourth-largest bank by assets, signed a tenancy agreement with Permodalan Nasional Bhd (PNB) for an initial three years and renewal for a further six terms of three years per term, totalling 21 years, in the second-tallest building in the world and the tallest in South-East Asia.

As the anchor tenant of Menara Merdeka 118, Maybank has been offered naming and signage rights over the building.

According to Maybank group president and chief executive officer Datuk Khairussaleh Ramli, the group has not decided on the name of the new headquarters.

“We have to go through the process of seeking approval from the regulatory authorities, as well as other authorities to get the name approved later,” he said at a media briefing after the tenancy agreement signing ceremony with PNB president and group chief executive Ahmad Zulqarnain Onn at Menara Maybank yesterday.

Also present were PNB group chairman Tun Arifin Zakaria and Maybank chairman Tan Sri Zamzamzairani Mohd Isa.

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Maybank will occupy 33 floors and is expected to house 5,900 employees in Menara Merdeka 118.

It is worth noting that Maybank’s total occupancy of 650,000 sq ft at Menara Merdeka 118 will be less than its current net lettable area of 1.09 million sq ft at Menara Maybank, in line with the group’s strategy to use workspace optimally, given its adoption of new age work practices of remote working.

“We will continue to have people working from home, as a new normal. In fact, now we only have about 80% of people back in the office.

“When we go to Menara Merdeka 118, we will have a smaller space compared to here. That means, we will continue to have people working from home,” said Khairussaleh.

Meanwhile, Maybank stated that for the first six years, the tenancy agreement translated to an effective monthly rental rate of RM8.92 per sq ft, which is lower than the gross rent (RM10.60 per sq ft) and within the fair market rates of RM8.48 and RM8.93 per sq ft as assessed by the independent valuers.

Based on this, Maybank’s effective annual rental cost would be an estimated RM69.58mil.

“We believe the amount (estimated annual rental cost) is manageable. Based on this number (estimated), it’s going to be less than 1% (of Maybank’s RM8.1bil net profit in 2021). But the goodwill that we will gain from this move will be quite sizeable, and in fact, immeasurable,” said Khairussaleh.

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