Maybank CEO Khairussaleh Ramli said the decision to relocate its head office was made following careful and robust deliberations of its future operational requirements, including workspace requirements that meet the bank’s sustainability ambitions.
“These considerations are critical to our leadership ambitions in the area of digitalisation and sustainability and fit into our desire to promote good practices in every aspect of our operations,” he said in a statement.
Khairussaleh said this state-of-the-art building was also chosen as it was befitting of Maybank’s global brand positioning and aligned with its aspiration of further strengthening its leadership on the international stage.
The tenancy agreement was signed between Maybank and Permodalan Nasional Berhad (PNB) for an initial three-year term and with a renewal for a further six terms, totalling 21 years.
The lease agreement will commence in the last quarter of 2025. Under the triple net basis agreement, PNB will be the master lessor of Menara Maybank and bear all expenses related to the building, including maintenance, insurance, and taxes.
PNB president Zulqarnain Onn said the company was delighted to welcome Maybank as the anchor tenant at Merdeka 118.
“The leasing of Menara Maybank is a win-win solution for both parties,” he said.
“Maybank can transition from an owner-occupied property and relocate to Merdeka 118 while PNB will be asset managing Menara Maybank as part of its domestic core property portfolio, currently totalling 40 assets in Malaysia and 13 assets internationally.”
Selected Maybank subsidiaries such as Maybank Islamic, Maybank Investment Bank, and Maybank Asset Management will also relocate to Merdeka 118.
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.
For now, Maybank’s current head office remains at Menara Maybank in Jalan Tun Perak with no change to its operations and services.
The bank will make further announcements on the move to all its stakeholders closer to the relocation date in 2025.