Insurance giant Prudential, found in London in 1848, is the latest big name to join KL’s dedicated financial district..
The relocation of Prudential’s headquarters to TRX, which follows a June announcement of HSBC’s investment for a new base, underlines the confidence international investors have in TRX.
Prudential arrived in Asia over 90 years ago and grew manifold, making it the region’s top life insurers with close to 500,000 agents delivering its services. Prudential Assurance Malaysia Berhad (PAMB) was established in 1924 and is wholly owned by Prudential PLC in the UK.
It now oversees the needs of customers through 45 branches nationwide with more than 1,700 employees.
The current Malaysia’s HQ is located on Jalan Sultan Ismail, and it has offices in the Bukit Bintang area.
Scheduled to open in 2019, the new Prudential’s HQ in TRX will be home to all Prudential’s life insurance and asset management businesses in Malaysia. The building, which will also include a walk-in customer service centre, will be prominently located at the Bukit Bintang pedestrian entrance into the financial district.
The 27-storey building has been designed to reflect the traditional Malaysian element of tengkolok di-Raja.
“TRX will be KL’s best international business address and the city’s new central business district, backed by resilient infrastructure, sustainable features and liveable public spaces. We are confident that we will deliver a world-class international financial district that Prudential will be proud to call Home,” TRX City CEO Dato’ Azmar said in the press release announcing the move.
Starting off as “The Prudential Mutual Assurance Investment and Loan Association” offering life assurance and loans to the British middle class, Prudential PLC and its associated companies are currently some of the world's leading financial services providers, serving up to 24 million customers worldwide, with £635 billion of assets as of June 2017.
Today, Prudential has entered new markets, significantly increased number of its agents and branches, developed viable products and services, and overall, become a customer-centric brand. Malaysia being the operations stronghold in the region, has PAMB as its the largest agency in the industry, first in insurance market ranking, with 3.1% penetration.
HSBC is the first foreign bank to join TRX, with an expected investment of USD250million to develop its new HQ. Affin Bank Berhad, is another financial institution that will soon make TRX its home.